SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) has finalized the price for its initial public offering (IPO) at P2.70 per share, down from its initial offer price of up to P3.88 per share.
The energy company is set to offer up to 1.79 billion common shares with an additional 267.86 million shares for overallotment, CREC said in a regulatory filing on Thursday.
It has rescheduled its planned P7.9-billion IPO from May 31 to June 7, with the offer period now set from May 20 to May 24.
“CREC should do well over time, and the discounted IPO price looks like a fair entry for investors. We are keen to see the performance of this IPO given the current tepid state of the local stock market,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
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