Citicore Energy REIT Corp. conducts IPO listing at the PSE
Citicore Energy REIT Corp. concluded its initial public offering (IPO) by listing its shares at the Philippine Stock Exchange, Inc. (PSE) on Tuesday.
The first renewable energy REIT, now listed under the stock symbol “CREIT”, raised P6.40 billion through the IPO.
“The high level of interest among investors for both REITs and renewable energy companies obviously contributed to the brisk demand in the shares of CREIT. The oversubscription by the local small investors in this IPO tells us that they are optimistic about the company’s prospects,” PSE President and CEO Ramon Monzon said in his welcome remarks during the listing ceremony.
“As a member of the Sustainable Stock Exchanges Initiative, we want to see more listed companies that directly address the ominous threat of climate change and promote sustainability,” Monzon added.
Finance Secretary Carlos Dominguez III expressed optimism on the company’s successful offering.
“Today’s listing will raise the total market capitalization of REITs to nearly P300 billion. The Philippine REITs now constitute 1.4 percent of our GDP. This is just the beginning. This powerful financial instrument holds much promise to help boost our economic recovery,' said Dominguez in a recorded message.
''Citicore Energy REIT is the Philippines’ first ever REIT offering that draws its income from solar energy investments. As such, it expands the REIT horizon going beyond commercial property holdings. More importantly, its involvement with solar energy aligns with the country’s whole nation effort to achieve our climate ambitions,” Dominguez said. PSE
