MANILA — Citicore Renewable Energy Corp, one of the Philippines’ biggest solar power producers, has cut its initial public offering size following the entry of a cornerstone investor, the company said in its prospectus on Wednesday.
Citicore’s IPO can raise up to 7.97 billion pesos ($141.25 million), lower than the maximum 12.94 billion pesos in its December filing. It plans to sell up to 2.05 billion shares at a maximum price of 3.88 pesos per share to finance new solar power plants.
($1 = 56.4250 Philippine pesos)
— Reporting by Neil Jerome Morales; Editing by Martin Petty
