Citicore Renewable Energy Corporation (CREC) has filed a registration statement with the Philippine Securities and Exchange Commission, initiating a proposed initial public offering (IPO) of its common shares.
The Offer plans to issue a maximum of 2,900,000,000 shares at a price of up to Php 3.88 per share, with an option for an additional 435,000,000 shares under an over-allotment option.
Considering these numbers, the potential gross proceeds from the offer could reach Php 11.25 billion, excluding proceeds from the over-allotment option.
However, the offer’s timing, final pricing, total number of offered shares, and allocation of proceeds are subject to market conditions, offer-related circumstances, and securing necessary regulatory approvals.
A preliminary offering circular has been submitted along with the registration statement for review and endorsement by the Philippine Securities and Exchange Commission and The Philippine Stock Exchange.