Citicore Renewable Energy Corporation (CREC) has earned the Best Mid-Cap Equity Deal of the Year award from Alpha Southeast Asia for its Php 5.3 billion (USD 86 million) Initial Public Offering (IPO).
“This award from Alpha Southeast Asia further demonstrates that CREC continues to be seen as a valuable addition to the equity markets. As one of the country’s largest renewable energy platforms, CREC represents the investing community’s desire to participate in the energy transition and ultimately help in powering a first-world Philippines with pure renewable energy,” said CREC President and CEO Oliver Tan.
CREC’s IPO, completed on June 7, 2024, was oversubscribed, attracting a diverse mix of investors, including a USD 12.5 million investment from the UK Government’s MOBILIST Programme—the first of its kind in the Philippines.
The IPO offered 1.96 billion common shares to the public from May 27-31, 2024, and was a standout listing on the Philippine Stock Exchange (PSE) despite challenging market conditions. The funds raised are intended to support CREC’s goal of expanding its renewable energy capacity to 5 gigawatts within five years.
Tan highlighted that the award reinforces market confidence in the company’s role as a leading renewable energy platform. He stated that CREC’s IPO reflects investor interest in the energy transition and in supporting the country’s shift to a fully renewable-powered future.
Meanwhile, BDO Capital & Investment Corporation, the domestic lead manager for the IPO, accepted the award on behalf of the firm. BDO Capital President Ed Francisco noted the continued strong market reception of CREC’s stock and its significance in the renewable energy sector.
Alpha Southeast Asia, an institutional investment magazine specializing in the region’s capital markets, grants these awards to recognize outstanding financial transactions and market innovations.
Learn how CREC’s ambitious IPO is driving the shift to sustainable power. Stay informed with Power Philippines.
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