SEC OKs Citicore Renewable IPO

MANILA, Philippines — The Securities and Exchange Commission (SEC) has given its green light to the  P11.252-billion initial public offering (IPO) of Citicore Renewable Energy Corp. (CREC).

CREC plans to conduct its share sale from March 4 to 8 with a target to list its shares on the main board of the Philippine Stock Exchange on March 15.

Its parent company Citicore Power is a direct subsidiary  of Citicore Holdings Investment Inc. (CHII), which in turn, is the parent company of construction and engineering company Megawide Construction Corp.

According to its registration statement, Citicore Renewable aims to raise as much as P11.252 billion from an offering of 2.9 billion common shares at P3.88 per piece, including an additional 435 million outstanding common shares for over-allotment.

Of the P11.252 billion, Citicore expects to net more than P10.71 billion, which would be used from the primary offer for capital expenditures and pipeline development for solar energy power plants, and general corporate purposes.

The company tapped UBS AG as sole global coordinator and joint bookrunner, and BDO Capital & Investment Corp. 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.

It commenced its operations in 2015 through its parent company, Citicore Power. The company completed three greenfield solar projects, which contributed a total installed capacity of 103 MW of renewable energy to the Philippine energy mix.

As of September 30, 2023, Citicore has developed, operated and maintained 10 operating solar assets with a combined installed capacity of 285.1 MW.

“As a testament to our project development capabilities and contribution to the Philippines’ energy mix, our generated capacity accounted for approximately 19 percent of the total solar installed capacity in the country, making us the power producer with the second largest solar portfolio in the Philippines in terms of installed capacity as of December 31, 2022, according to Lantau,” the company also said.