Citicore's CREIT says seeing 'strong demand' from investors on IPO

ABS-CBN News

Posted at Feb 03 2022 11:37 AM | Updated as of Feb 03 2022 11:43 AM

MANILA - Citicore’s real estate investment trust CREIT is seeing “strong demand” during its initial public offer period which runs until Feb. 8, an official said Thursday. 

CREIT is offering shares for P2.55 per share with the goal of raising P6.39 billion. 

It is set to list on the main board of the Philippine Stock Exchange on Feb. 17.

“We are seeing very strong demand from a mix of domestic and foreign institutional investors,” said CREIT president Oliver Tan. 

Tan said proceeds from the activity would be reinvested to partially fund Citicore’s “robust 1.5 Gigawatt pipeline projects.”

“It’s very timely because we need more power supply to serve the expected increase in power demand as our economy recovers from the pandemic,” he said. 

Citicore's projects are spread across the country. Citicore also has partnership with the Ayala Group's AC Energy.

In late 2021, another renewable energy-themed company, Solar Philippines Nueva Ecija Corp (SPNEC), listed on the PSE which is the first to list under the bourse' supplemental listing rules.

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