Citicore Renewable Energy is setting in motion the launch of the country’s first initial public offering (IPO) after the Securities and Exchange Commission (SEC) clears the company’s Php 12.9 billion listing.
Inquirer reported that the commission greenlit Citicore’s registration of 10.04 billion shares. Before receiving the SEC’s approval, it also went through the Philippine Stock Exchange’s (PSE) confirmation process.
The goal of the IPO was to sell 2.9 billion shares at up to Php 3.88 each, starting March 4 until 8 of this year. The funds accumulated would be used to expand the company’s solar capacity and its battery energy storage systems (BESS).
Additionally, after the IPO, another 435 million shares would be offered by Citicore for their price control activities, with its PSE listing scheduled for March 15, 2024.
In a statement, the SEC said that Citicore expected to garner beyond Php 10.71 billion from its initial offer for the pipeline development of solar energy plants as well as for its capital expenditures.
Aside from the company’s plans to further develop its solar and battery storage, Citicore also announced its plans to develop offshore wind energy projects that would offer around 3.1 gigawatts (GW), with seven contracts underway, though there is no regulatory framework for offshore wind.
Citicore marked the initiation of at least six IPOs projected for 2024, which PSE anticipated to raise Php 40 billion. Furthermore, the PSE set an ambitious target for the year, aiming to achieve an overall capital raising goal of Php 175 billion, representing a remarkable 24% increase from the figures in 2023.
