Oliver Tan upbeat on Citicore's P10B IPO amid robust interest from ESG investors

Oliver Tan upbeat on Citicore’s P10B IPO amid robust interest from ESG investors

The upcoming initial public offering of Citicore Energy REIT Corp. (CREIT) has attracted keen interest from investors, particularly those looking for socially responsible stocks.

The underwriters for CREIT’s IPO said the issue has drawn demand from institutional investors.

“We are very happy with the turnout of our virtual meetings and the overall positive interest in CREIT among those we have met. Most of the institutions, especially those who have integrated ESG (Environmental, Social and Governance) as part of their investment process, are highly attracted to CREIT’s underlying business, which is renewable energy, and its sustainable angle,” said Ben Thomas Paἠares, president and CEO of Unicapital Inc.

Unicapital is the issue manager and joint global coordinator, joint bookrunner and lead local underwriter.

The book-building period will run until January 25 with the offer price expected to be finalized on January 26. The IPO is slated to run from February 2 to 8.

BDO Capital president Ed Francisco is confident about CREIT’s storyline.

“We expect there to be strong interest in the offering, considering its pioneering status as an energy-REIT and a sustainable investment alternative in the renewables sector, among others. We are quite excited to see how this trailblazing issuance from CREIT will shape the REIT market,” said Francisco.

BDO Capital is joint global coordinator, joint bookrunner and lead local underwriter for the IPO.

The other members of the underwriting team include PNB Capital and Investment Corp., Investment & Capital Corp. of the Philippines (ICCP), and CLSA Ltd. and CIMB Investment Bank Bhd as the international bookrunners.

CREIT president Oliver Tan is looking forward to the successful listing of the country’s first ever energy REIT.

“We are finally closing on our main goal, which is the Listing Date, and completing all the pre-requisites to ensure a smooth process and transactional flow after receiving the green light from regulators. We hope to receive strong and positive feedback from our investor roadshows and marketing initiatives, which we believe will be key to ensure CREIT’s successful IPO,” said Tan.

CREIT is seeking to raise as much as P10.1 billion from an offering of up to 1.047 billion primary shares and 1.742 billion secondary shares at a maximum price of P3.15 per share.
The company has also set aside 418.34 million shares to cover the overallotment option in case of strong demand.


Leave a Comment

three × 3 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.