CITICORE Energy REIT Corp. (CREIT) is moving its listing day to next week, “no later than Feb. 22,” as the company’s initial public offering (IPO) shares have yet to be fully lodged into the Philippine Depository and Trust Corp.’s (PDTC) system.
The company announced plans to defer its market debut on Wednesday, citing “voluminous transactions.” It was initially scheduled to make its market debut on Thursday, Feb. 17.
CREIT said it saw an “overwhelming demand” from investors after it conducted its P6.4-billion IPO. The company sold 2.509 billion shares for P2.55 per share.
“We are humbled by the support of almost 20,000 investors — almost double that of recent transactions,” joint global coordinators Unicapital, Inc. and BDO Capital & Investment Corp., along with CREIT President and Chief Executive Officer Oliver Y. Tan, said in a statement late on Wednesday.
They said the situation “has affected the timely completion of the lodgment” of the IPO shares with PDTC, which offers safekeeping and settlement services.
“As a result, the CREIT IPO Listing date shall be moved from Feb. 17, 2022 to no later than Feb. 22, 2022,” they added.
In an earlier statement on Wednesday, the company said all tranches from its institutional, trading participants, and to the local small investors (LSI) tranche were oversubscribed.
The LSI tranche alone logged an oversubscription level of 124.09% with demand reaching 270.745 million shares for the 218.182 million shares allotted.
“We believe that the demand we saw is a testament to the robustness of our local capital markets, our collective commitment towards a more sustainable future, and the increasing awareness and participation of our investing public on various investment products, including REITs,” the company and its joint global coordinators said.
CREIT will be the first real estate investment trust (REIT) with an energy thrust to list at the Philippine Stock Exchange, following five REITs with portfolios featuring office and mixed-use assets. — Keren Concepcion G. Valmonte
