THE SECURITIES and Exchange Commission (SEC) has approved the planned P12.9-billion initial public offering (IPO) of Edgar B. Saavedra-led Citicore Renewable Energy Corp. (CREC).  

In a statement on Wednesday, the corporate regulator said the Commission En Banc during its Jan. 16 meeting gave the green light for the registration statement of CREC covering 10.04-billion common shares, subject to the company’s compliance with certain remaining requirements.

CREC’s public offer will be up to 2.9-billion common shares at a maximum price of P3.88 apiece. It will also include an additional 435 million outstanding common shares for overallotment.  

The company expects to net over P10.71 billion from the primary offer, of which P8.85 billion will be used to develop solar energy power plants, P1.56 billion will be for the development of battery energy storage systems, and P300 million for general corporate purposes.  

CREC’s planned IPO will run from March 4 to 8, and will be listed on the main board of the Philippine Stock Exchange on March 15, based on the latest timeline submitted by the company to the SEC. 

UBS AG was tapped by CREC as its lone global coordinator and joint bookrunner, and BDO Capital and Investment Corp. as its domestic lead manager and joint bookrunner.

CREC is a pure-play renewable energy platform that manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply. It is the parent firm of listed Citicore Energy REIT Corp. (CREIT).

CREC currently operates 10 solar power plants and micro-grid solar rooftop systems. It has 285.1 megawatts of total installed capacity across the country.  

The upcoming CREC IPO is Mr. Saavedra’s third public listing after CREIT and Megawide Construction Corp.  

On Wednesday, shares of CREIT fell two centavos or 0.75% to P2.66 apiece, while Megawide stocks rose five centavos or 1.53% to P3.31 each. — Revin Mikhael D. Ochave