Tycoon Edgar Saavedra’s Citicore Renewable Energy (CREC) edged higher on its trading debut on Friday, with the stock gaining almost 2 percent to P2.75 per share.
CREC, the country’s second-biggest solar power producer, raised P4.8 billion to bankroll its pipeline of solar energy projects. The rest of the P5.3 billion offer were secondary shares being sold by the controlling shareholder.
CREC is the second initial public offering (IPO) this year after OceanaGold Philippines listed last month.
Recently, the Securities and Exchange Commission approved the IPO of Tiu family-led NexGen Energy Corp., a renewable energy player that aims to raise up to P580 million in July.
