SEC okays Citicore Renewable Energy IPO

The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Citicore Renewable Energy Corporation for as much as P11.252 billion.

In its January 16 meeting, the Commission En Banc resolved to render effective the registration statement of Citicore covering 10,042,857,143 common shares, subject to the company’s compliance with certain remaining requirements.

Citicore will offer to the public up to 2,900,000,000 common shares at a maximum price of P3.88 apiece. The offer will include additional 435,000,000 outstanding common shares for overallotment.

Based on the latest timeline submitted by Citicore to the Commission, the IPO will run from March 4 to 8. The company targets to list its shares on the Main Board of the Philippine Stock Exchange on March 15.

Citicore expects to net more than P10.71 billion from the primary offer for capital expenditures and pipeline development for solar energy power plants, and general corporate purposes.

The company 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.