Tycoon Edgar Saavedra's Citicore Renewable Energy Corp. (CREC) pushed back its P7.9 billion initial public offering (IPO) by a week to June 7 this year.
The revised timetable was reflected in a new deal prospectus, which indicated the IPO shares will be priced on May 22 while the formal offer period will run from May 21 until May 31, 2024.
Oliver Tan, president and CEO of CREC, explained to InsiderPH the IPO date was moved to June 7 because this was deemed a more auspicious date after they consulted a Feng Shui expert.
Citicore, which controls the country’s second-largest solar power portfolio, is selling around 2 million shares at an indicative price of P3.88 apiece.
The primary portion of the shares, whose proceeds will be used to expand its renewable energy presence, is expected to raise P6.93 billion.
The IPO of CREC was earlier delayed due to weak market conditions and the surprise entry of the Sy family’s SM Investments Corp. in its listed subsidiary, Citicore Energy REIT Corp., last March.
