‘Voluminous’ demand prompts CREIT to reschedule market listing launch | Inquirer Business
Close  

‘Voluminous’ demand prompts CREIT to reschedule market listing launch

/ 03:59 PM February 16, 2022

MANILA, Philippines—Citicore Energy REIT Corp., the country’s first renewable energy-themed real estate investment trust, moved its stock market listing to early next week amid a “voluminous” market demand, especially among local small investors (LSIs), some of whom will be refunded for excess orders.

CREIT reported that the LSI tranche had generated an oversubscription level of 124.09 percent, receiving a total demand of 270.745 million shares from 218.182 million.

ADVERTISEMENT

Institutional and trading participant tranches also recorded over subscriptions, CREIT said, without citing the actual numbers.

The voluminous transactions arising from the huge number of retail and individual investors will result in the listing ceremony being moved to early next week, from the initial Feb. 17 schedule, CREIT said in a press statement on Wednesday (Feb. 16).

FEATURED STORIES

“We are grateful to the overwhelming reception of investors, owing also to the extensive market education conducted, which further increased appreciation for REITs as a new asset class,” said Oliver Tan, CREIT president and CEO.

“The projected dividend yield based on projected 2022 and 2023 earnings of 7 percent and 7.4 percent, respectively – the highest among the existing REITs – also energized investors to invest in CREIT, being the first REIT also to be listed in the Year of the Tiger,” said Tan.

”In as much as the underwriters wanted to accommodate all interested investors, the strong orders for CREIT’s IPO from local and international institutions and more than 5,000 retail investors simply outnumbered the total shares offered to the public,” said Pamela Louise Victoriano, Unicapital Inc. vice president for corporate finance.

“The underwriters nonetheless exerted efforts to distribute the shares as widely as possible to a broad investor base to hopefully result to better liquidity and more active trading,” Victoriano said.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Citicore Energy REIT Corp, Investment, stock market listing
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.