The real estate investment trust of Citicore Renewable Energy Corp. (CREC) is seeking to launch its initial public offering early February next year to raise as much as P10 billion.
Based on the revised timetable submitted to securities regulators, Citicore Energy REIT Corp. (CREIT) will kick off its IPO on Feb. 2 to 8 while the pricing of the shares has been set on Jan. 26.
The IPO includes up to one billion primary shares to be sold at a price ranging from P2.90 to P3.15 per share while 1.7 billion secondary shares will be offered to by CREC, with an oversubscription option of up to 418.3 million shares.
Net proceeds from the primary offer, amounting to P3.17 billion, will be used to acquire properties in South Cotabato and Bulacan to harness power.
The company’s renewable portfolio includes the 25 hectares of land leased from Clark Development Corp., 14 hectares of land in Tarlac, leasehold rights over 73 hectares of land in Toledo in Cebu, 43 hectares in Silay in Negros Occidental and 10 hectares of land in Dalayap in Tarlac.
CREC, on the other hand, will use proceeds from the secondary offer estimated at P6.61 billion assuming the overallotment option is fully exercised, for reinvestment in the Philippines pursuant to the Real Estate Investment Trust Act of 2009.
CREIT originally looking to start its IPO last November 26 to December 3 and debut on the stock exchange on December 13.
Unicapital Inc. and BDO Capital & Investment Corp. are the joint global coordinators for the IPO.
BDO Capital will serve as lead local underwriter alongside PNB Capital and Investment Corp., while Investment and Capital Corporation of the Philippines will act as participating underwriter and CIMB Investment Bank Bhd and CLSA Ltd. as international bookrunners.
The IPO has already been cleared by the Securities and Exchange Commission.
