Citicore Renewable Energy Corporation (CREC), a unit of Citicore Power Inc in the Philippines, has received approval from the Philippine Stock Exchange for its planned initial public offering (IPO), aimed at securing funds for its gigawatt-scale pipeline projects.
In a statement on Wednesday, CREC disclosed that it has been given the green light to list up to 10.04 billion common shares for the upcoming IPO. The approval also outlined the timeline for the IPO, with pricing set for March 6 and the offer period scheduled from March 11 to March 15.
The renewable energy company intends to offer up to 2.9 billion primary common shares, with an additional over-allotment option for 435 million shares. The shares will be priced at PHP 3.88 each (USD 0.069/EUR 0.064).
Proceeds from the IPO will be utilized to partially fund capital expenses and address general corporate needs. A portion of the funds will be allocated to support the development of solar and battery energy storage projects, aligning with CREC's objective of adding 1 GW of ready-to-build or under-construction solar capacity annually through 2027.
Having secured pre-effective approval for the IPO from the Securities and Exchange Commission (SEC) in January, CREC anticipates the commencement of stock trading on March 22. The company aims to contribute significantly to the renewable energy sector with its strategic initiatives.