Megawide group lists third company on PSE

MANILA, Philippines — The Megawide Group of tycoon Edgar Saavedra listed its third company—Citicore Renewable Energy Corp. (CREC)—on the main board of the Philippine Stock Exchange (PSE) on Friday, raising P5.5 billion from its initial public offering (IPO).

CREC offered 2.03 billion shares at P2.70 each. This is a 30.4-percent discount from the maximum target of P3.88 apiece.

CREC opened at P2.75 on Friday, 1.85 percent higher than its IPO price.

PSE President Ramon Monzon said the Megawide Group has so far raised more than P30.5 billion in capital from the three IPOs—Megawide Construction Corp. in 2011, Citicore REIT Corp. (CREIT) in 2022, and now CREC.

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“With this IPO, CREC will be able to deploy capital for the development of several solar energy power plants that are ready to build or in advanced development,” Monzon said during CREC’s listing ceremony.

The renewable energy firm previously said proceeds from its IPO would be used to develop a pipeline of 1,583 megawatts of solar power projects across eight locations in the country.

In March, Sy family-led conglomerate SM Investments Corp. bought 29 percent of CREC’s shares in CREIT for P5 billion. This tripped CREC’s IPO size from the initial P12.9 billion.

CREC is the second company to go public this year after OceanaGold Philippines, which raised P6.08 billion from its IPO last month.

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