CITICORE Energy REIT Corp. concluded its initial public offering (IPO) by listing its shares at The Philippine Stock Exchange Inc. (PSE) on Tuesday, Feb. 22, 2022. The first renewable energy REIT, 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 chief executive officer Ramon Monzon said during the listing ceremony.
Department of Finance Secretary Carlos Dominguez III expressed optimism on the company’s successful offering.
“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-of-nation effort to achieve our climate ambitions,” he added. (PR)