PSE OKs Citicore Renewable’s P12.9-B IPO; listing on March 22

MANILA  —The Philippine Stock Exchange has cleared the P12.9-billion initial public offering (IPO) of tycoon Edgar Saavedra’s Citicore Renewable Energy (CREC), which hopes to jumpstart the 2024 listing season with its planned market debut on March 22.

Citicore Renewable received the notice of approval from the PSE on Jan. 29. The IPO price will be set on March 6 while the offer period will run from March 11 to 15 this year.

The company is raising up to P11.25 billion via the sale of 2.9 billion primary shares for as much as P3.88 each to bankroll its expansion.

READ: Citicore Renewable kicks off 2024 IPO season with P12.9-B offer

Another 435 million shares, worth P1.69 billion, will be sold by Saavedra’s Citicore Power, the controlling shareholder of Citicore Renewable. These shares will be sold under an overallotment option that will be used for price stabilization activities after the IPO.

“Proceeds from the IPO will be used to partially fund CREC’s capital expenditures and pipeline development for solar energy plants and battery energy storage system, as well as general corporate purposes,” the company said on Thursday.

READ: Citicore Renewable’s P12.9-B IPO OKd

“CREC has a pipeline of renewable energy projects in the Philippines in line with its goal of adding about 1.0GW of ready-to-build/under construction solar energy capacity each year through 2027,” it added.

Earlier, the Securities and Exchange Commission (SEC) also cleared