The Securities and Exchange Commission (SEC) has granted approval for the proposed initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC), involving primary and secondary shares totalling up to P12.94 billion.
During its meeting on January 16, the Commission En Banc decided to make effective Citicore’s registration statement, covering 10.04 billion common shares. The IPO will include the offering of up to 2.9 billion common shares to the public at a maximum price of P3.88 per share, with an additional 435 million outstanding common shares for overallotment.
These offered shares, set to be listed on the main board of the Philippine Stock Exchange (PSE), will constitute 28.9 per cent of Citicore’s outstanding capital post-IPO and up to 33.2 per cent if the overallotment option is exercised.
Citicore’s IPO is scheduled to take place from March 4 to 8, with the company aiming to have its shares listed on the PSE main board by March 15.
Out of the net proceeds amounting to P10.76 billion from the firm shares, P9.15 billion will be allocated for capital expenditures and the development of solar energy plants in 2024 and 2025, while P1.61 billion will be earmarked for capex and the development of battery energy storage systems (BESS) next year.
Citicore will not receive proceeds from the overallotment option, totalling P1.69 billion, as these funds will go to the selling shareholder Citicore Power Inc. UBS AG serves as the sole global coordinator and joint book-runner, and BDO Capital & Investment Corporation acts as the domestic lead manager and joint book-runner for the IPO.
Citicore is a dedicated renewable energy platform overseeing a diverse portfolio of renewable energy generation projects, power project development operations, and retail electricity supply in the Philippines directly and through its subsidiaries and joint ventures.
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 has approved Citicore Renewable Energy Corporation's P12.94 billion initial public offering (IPO) for the development of solar energy plants. The IPO will include up to 2.9 billion common shares offered to the public, with proceeds allocated for capital expenditures and renewable energy projects. Citicore aims to list its shares on the Philippine Stock Exchange main board by March 15, contributing to the growth of renewable energy in the country.){kind=link}