Tycoon Edgar Saavedra’s Citicore Renewable Enegry (CREC) is all set for its stock market debut (IPO) on Friday after a successful offer that lured foreign and domestic funds, its underwriter said.
The P5.3-billion IPO is the second this year after OceanaGold Philippines to brave volatile market conditions and list on the Philippine Stock Exchange.
Eduardo Francisco, president of lead domestic manager and joint bookrunner BDO Capital & Investments Corp., said the CREC offer was completed without any problems.
“It went very smoothly as expected,” Francisco told InsiderPH.
“Aside from foreign demand, we had local institutional and trading participants so we’re all set for next week’s listing,” he added.
CREC, the country’s second-biggest solar power producer, raised P4.82 billion, mainly to bankroll its pipeline of solar energy projects.
Another P482 million worth of secondary shares, proceeds of which will go to the selling shareholder.
UBS AG was tapped sole global coordinator and joint bookrunner while CLSA Ltd. was tapped as international co-lead underwriter.
The other local underwriters were PNB Capital and Investment Corp., RCBC Capital Corp., SB Capital Investment Corp., and Investment & Capital Corp. of the Philippines.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
