CREC’s June 7, 2024 IPO sold 1.96 billion shares, which drew strong investor demand and oversubscription.A key highlight was the UK Government’s MOBILIST Programme investing $12.5 million, marking its first IPO participation in the Philippines’ renewable energy sector.
Management’s view
“This award from Alpha Southeast Asia further demonstrates that CREC continues to be seen as a valuable addition to the equity markets,” CREC president and CEO Oliver Tan said in a statement.
“As one of the country’s largest renewable energy platforms, CREC represents the investing community’s desire to participate in the energy transition and ultimately help in powering a first-world Philippines with pure renewable energy. We are grateful for the recognition, which confirms the market’s confidence in our aspirations,” he added.
Dealmakers’ view
The IPO funding supports CREC’s expansion goal of 5 gigawatts (GW) in five years, solidifying its position as a leading pure-play renewable energy firm in the country.
“We, on behalf of the underwriting syndicate, are proud of this award, which recognizes Citicore’s ability to deliver projects in the renewable sector. Citicore not only received a warm reception during its IPO but continues to perform well in the stock market,” said BDO Capital & Investment Corp. president Eduardo Francisco.
UBS AG Singapore acted as the sole global coordinator and joint bookrunner, with CLSA Limited, PNB Capital & Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as co-lead underwriters.
Alphaprimus Advisors Inc. served as financial advisor, while Romulo Mabanta Sayoc & de los Angeles, Angara Abello Concepcion Regala & Cruz Law Offices, Milbank (Hong Kong) LLP, and Latham & Watkins LLP provided legal counsel.
