The Philippine Stock Exchange (PSE) on Wednesday said it has given the go signal for the up to P10.1 billion initial public offering of Citicore Energy REIT Corp. (CREIT).

Based on an offering circular on the local bourse, the PSE Board approved the listing application on January 14, subject to compliance with listing conditions.

CREIT will offer up to 1.047 billion common shares, and up to 1.741 billion secondary shares, with an over-allotment option of up to 418.339 million common shares at P3.15 apiece.

The firm’s portfolio includes initial assets of eight solar farms, with a cumulative capacity of 163 megawatts (MW), with a target to raise 1,500 MW of new solar capacity in the next five years.

The final offer price is set to be determined on January 26, with the offer period scheduled from February 2 to February 8, and the listing date and start of trading on the PSE Main Board on February 17.

The company plans to use the net proceeds from the primary offer to acquire properties within the Citicore Group, particularly the properties owned by Citicore Solar Bulacan Inc. in Bulacan, and Philippines Solar Energy One Inc. in South Cotabato.

The firm will not generate any proceeds from the secondary offer, which will be received by the selling shareholders.

CREIT has tapped BDO Capital & Investment Corp. and Unicapital Inc. as its joint global coordinator and lead underwriters for the undertaking, with PNB Capital and Investment Corp. as lead local underwriter.

It also tasked CIMB Investment Bank Bhd and CLSA Limited as international bookrunners, and the Investment & Capital Corporation of the Philippines. —VBL, GMA News

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