MANILA - The Securities and Exchange Commission (SEC) has given the green light for Citicore Renewable Energy Corporation's initial public offering (IPO), which is expected to raise as much as P12.94 billion. The approval, granted on Tuesday, paves the way for Citicore's shares to be priced at a maximum of P3.88 each during its public offering scheduled for March 4-8, 2024.
Citicore is targeting to have its shares listed on the Philippine Stock Exchange main board by March 15, 2024. The company plans to use the net proceeds from the IPO to fund the expansion of its solar plant projects, marking a significant step in its growth strategy.
The IPO process for Citicore is being managed by UBS AG and BDO Capital, two financial firms with extensive experience in guiding companies through the complexities of going public. The move to expand Citicore's solar plant projects through this IPO underscores the growing focus on renewable energy in the Philippines and the potential for investors to contribute to the country's sustainable energy future.
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