CITICORE Renewable Energy Corp. (Crec) has completed its initial public offering and listing on the Philippine Stock Exchange (PSE), receiving a warm reception from both local and international investors.
Crec completed its offering of 1,785,715,000 common shares, with a 10 percent over-allotment option of up to 178,572,000 secondary common shares, for P2.70 per share. This brings the total Crec shares listed on the PSE on June 7, 2024, to 8,928,572,143 common shares with the offering representing 22 percent of Crec’s total outstanding shares, and with a market capitalization of P24,107,144,786.10 at the time of listing.
The firm shares, or 70 percent of the offer shares, were allotted to local and international institutional investors, while the remaining 30 percent were offered to eligible trading participants on the PSE and local small (retail) investors.
Crec president and chief executive officer Oliver Tan underscored the importance of the company’s capital raising to support its renewable energy targets of achieving 5,000 megawatts of renewable energy capacity by the year 2028.
Crec’s goal is to contribute approximately 1.0 gigawatt of ready-to-build/under-construction solar energy capacity in the Philippine energy mix per year in the next five years, equivalent to approximately 5.0 GW by 2028. / PR