CREC launches IPO on Philippine Stock Exchange

It has a market capitalisation of around $411.5m.

Citicore Renewable Energy Corporation (CREC) has completed its initial public offering and listing on the Philippine Stock Exchange.

The company offered nearly 1.8 common shares with a 10% overallotment option of up to 178.57 million secondary common shares valued at $411.5m (PHP2.70) apiece.

The offering represents 22% of the company’s total outstanding shares, bringing its total shares listed on the stock exchange to around 8.9 billion common shares, with a market capitalisation of around (PHP24.1b).

“We are delighted with the outcome of CREC’s initial public offering - a testament to strong investor confidence in our vision, plans and projects,” said Chairman Edgar Saavedra. 

“Based on our experience, the IPO plays a significant role in shaping companies and our collaboration with the PSE and SEC now extends to three companies – Megawide, CREIT, and CREC. The success of our latest listing motivates us to exceed expectations in fulfilling our commitment to regulators and investors,” he added.

A total of 70% of offer shares were allocated to local and international institutional investors, whilst 30% were allotted to eligible trading participants and local small (retail) investors.

$1 = PHP58.58