PSE approves CREC IPO

The Philippine Stock Exchange Inc. (PSE) has approved the initial public offering (IPO) of Citicore Renewable Energy Corp. (CREC), the first for this year.

The PSE issued a notice approving CREC’s listing of up to 10.04 billion common shares as well as the expected timetable of its IPO-related activities.

These include price setting on March 6, and tentative listing date and commencement of trading on the PSE on March 22. Offer period will run from March 11 to 15.

The approval is subject to CREC’s compliance with all PSE-mandated conditions and requirements.

The Securities and Exchange Commission last month issued the pre-effective approval for CREC’s IPO.

The IPO consists of an offer of up to 2.9 billion primary common shares and an overallotment option of up to 435 million secondary common shares at an offer price of up to P3.88 apiece.

The company will use the proceeds from the IPO to partially fund its capital expenditures and pipeline development for solar energy plants and battery energy storage system, as well as general corporate purposes.

CREC is a pure-play renewable energy platform focused on the development and operation of solar, hydro and wind projects in the Philippines.

CREC, directly and through its subsidiaries and joint venture, manages a diversified portfolio of renewable energy generation projects, power project development operations and retail electricity supply.

The company has a pipeline of renewable energy projects that form part of its goal of adding approximately one gigawatt of ready-to-build or under construction solar energy capacity each year through 2027.