Tycoon Edgar Saavedra’s Citicore Renewable Energy Corp. (CREC) priced its upcoming initial public offering (IPO) at P2.70 per share, which will value the offer at P5.4 billion.
This final price, set on Thursday evening, is below the indicative maximum price of P3.88 but above the low-end of the range.
Led by company president Oliver Tan, CREC is raising funds to expand its solar power portfolio until 2025 and also for battery energy storage systems.
Based on its latest timetable, CREC intends to sell shares to public from May 21 until May 31 while the Philippine Stock Exchange trading debut is targeted on June 7 this year.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
