Citicore’s P5.3B IPO wins big at The Asset Triple A Awards 2025

Tycoon Edgar Saavedra’s Citicore Renewable Energy Corp. (CREC) was recently recognized at The Asset Triple A Awards 2025 in the sustainable finance category for its P5.3 billion initial public offering (IPO).

As one of the few IPOs in 2024, CREC attracted strong demand from local and international investors, including support from the UK Government’s MOBILIST programme, which funds sustainable infrastructure in Southeast Asia.

CREC is owned by Saavedra, who is the company’s chair, and is led by president and CEO Oliver Tan. 

CREC president, CEO Oliver Tan & CREC chair Edgar Saavedra

“The strong institutional support includes an investment from the UK Government’s MOBILIST programme - an initiative by the British Investment Partnership to deliver assistance to support infrastructure development and green transmission in the Philippines and the rest of Southeast Asia,” according to The Asset, a Hong Kong-based publication followed closely by the region’s business elite.

The IPO was supported by AlphaPrimus Advisors as financial adviser, UBS (Singapore) as global coordinator, BDO Capital as domestic lead manager, and CLSA as international co-lead underwriter.

Despite the market downturn, CREC shares are trading at P3.60 each—above its IPO price of P2.70 apiece.