Daily TribuneThe Securities and Exchange Commission en banc approved Citicore’s registration statement covering 10.04 billion common shares; up to 2.6 billion common will be offered to the public at a maximum price of P3.88 apiece
Citicore Renewable Energy Corp. is all set to launch its initial public offering, or IPO, which could generate up to P11.25 billion in additional funding after the Securities and Exchange Commission, or SEC, approved its registration.
In its 16 January meeting, the Commission en banc approved the registration statement of Citicore covering 10.04 billion common shares — subject to the company’s compliance with certain remaining requirements.
Citicore Energy Inc. will offer to the public up to 2.9 billion common shares at a maximum price of P3.88 each. The offer will include an additional 435 million outstanding common shares for overallotment.
Based on the latest timeline submitted by Citicore, its maiden offering will run from 4 to 8 March. The company aims to list its shares on the Main Board of the Philippine Stock Exchange on 15 March.
According to Citicore, the primary offering will fund capital expenditures and pipeline development for solar energy power plants, and general corporate purposes.
The company engaged UBS AG as the sole global coordinator and joint bookrunner, and BDO Capital & Investment Corporation as the 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 ventures manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply in the Philippines.
