Citicore Renewable Energy Corporation (CREC) got approval from the Philippine Stock Exchange, Inc. (PSE) for its listing through an Initial Public Offering (IPO) of almost 10.04 billion common shares.
The Notice of Approval (NOA) highlighted the assumed timetable of IPO activities, with the price setting date scheduled for March 6 and the offer period from March 11 to March 15.
Trading and listing are projected to commence on March 22, with the offer containing up to 2.9 billion primary common shares. Meanwhile, the Over-Allotment Option would include up to 435 million common shares, each offered at a price of up to Php 3.88 per share.
The proceeds from this offering would be used for the company’s capital expenditures (CAPEX) and the development of its solar energy plants and battery energy storage system (BESS).
CREC owns a pipeline of renewable energy projects to incorporate 1.0 gigawatts (GW) of under-construction solar energy capacity annually until 2027.