ADVERTISEMENT
Manila Bulletin devider Business devider The Stock Market devider PSE approves CREC's P13-B IPO listing

PSE approves CREC's P13-B IPO listing

Published Feb 1, 2024 07:05 am

The Philippine Stock Exchange (PSE) has approved the listing of the shares of Citicore Renewable Energy Corporation (CREC) to pave the way for its planned initial public offering (IPO) worth up to P12.94 billion.

In a statement, the firm said it has received a notice from the PSE the Notice of Approval (NOA) for the listing of up to 10.04 billion common shares of CREC.

The NOA also cites the approved expected timetable of IPO-related activities, namely the price setting date on March 6, 2024; offer period on March 11 to March 15, 2024; and tentative listing date and commencement of trading on the PSE on March 22, 2024.

Ramon S. Monzon.jpeg
PSE and CEO President Ramon S. Monzon

“I welcome the decision of CREC to tap the equities market to raise capital since RE projects are very much needed these days given that we are racing against time to address climate issues,” PSE President and CEO Ramon S. Monzon said.

The IPO consists of an offer of up to 2.9 billion primary common shares, or Firm Shares, and an Overallotment Option of up to 435 million secondary common shares, at an offer price of up to P3.88 per share.

CREC has set aside 10 percent of its offered shares for local small investors (LSIs), who may subscribe to the IPO through the PSE EASy website or mobile application.

The offer shares, which will be listed at the main board of the PSE, will account for 28.9 percent of Citicore’s outstanding capital after the IPO and up to 33.2 percent if the overallotment option is exercised.

Citicore Solar Cebu.jpg
Citicore Solar Cebu in Toledo, Cebu

Of the net proceeds from the firm shares amounting to P10.76 billion, P9.15 billion will be allotted for capital expenditures and development of solar energy plants in 2024 and 2025 while P1.61 billion will be for capex and development of battery energy storage systems (BESS) next year.

CREC has a pipeline of renewable energy projects in the Philippines in line with its goal of adding approximately 1.0GW of ready-to-build/under construction solar energy capacity each year through 2027.

The firm will not benefit from the proceeds from the over allotment option amounting to P1.69 billion as these will be go to the selling shareholder Citicore Power Inc.

CREC engaged UBS AG as sole global coordinator and joint bookrunner, and BDO Capital & Investment Corporation as domestic lead manager and joint bookrunner for the IPO.

Citicore is a pure-play renewable energy platform that 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 in the Philippines.

Related Tags

Citicore Renewable Energy Corporation Philippine Stock Exchange (PSE)
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.