CREC sets final IPO price

MANILA, Philippines —  Citicore Renewable Energy Corp. (CREC) has set the final offer price of its initial public offering at P2.70 per share, resulting in potential total proceeds of up to P5.54 billion.

The final offer price is lower than the indicative price of up to P3.88 per share, which could have generated total proceeds of as much as P7.97 billion.

CREC’s IPO consists of a primary offering of up to 1.786 billion common shares and an over-allotment option of up to 267.858 million secondary common shares.

The company will use the proceeds of the IPO for capital expenditures, pipeline development and for general corporate purposes.

Based on CREC’s latest preliminary prospectus, target listing date in the Philippine Stock Exchange is on June 7. Offer period will run from May 27 to 31.

CREC earlier decided to adjust the indicative date of the offer from March  to the second quarter of the year.

The company is a pure-play renewable energy platform focused on and committed to the development and operation of solar, hydro and wind projects in the Philippines.

CREC, 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.