Philippines’ Citicore cuts IPO after entry of investor

April 4, 2024 - 4:57 PM
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Citicore Energy REIT Corp. (CREIT) (Businessworld / File)

 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