CREC IPO named Alpha Southeast Asia’s Best Mid-Cap Equity Deal

Citicore Renewable Energy Corporation (CREC) marks another triumph as its P5.3 billion (approx. US$86 million) Initial Public Offering (IPO) was awarded Alpha Southeast Asia’s Best Mid-Cap Equity Deal of the Year at the magazine’s 18th Annual Deal & Solution, ESG, and Transaction Banking Awards 2024 regional awards luncheon held on 12 February 2025 in Kuala Lumpur, Malaysia. 

CREC bested other equity deals across the region in the category, demonstrating the excellent value proposition and robust reception of the company’s renewable energy IPO in the capital markets.

“This award from Alpha Southeast Asia further demonstrates that CREC continues to be seen as a valuable addition to the equity markets. As one of the country’s largest renewable energy platforms, CREC represents the investing community’s desire to participate in the energy transition and ultimately help in powering a first-world Philippines with pure renewable energy. We are grateful for the recognition, which confirms the market’s confidence in our aspirations,”CREC President and CEO Mr. Oliver Tan said.

The domestic lead manager for the IPO, BDO Capital & Investment Corporation, claimed the award for the deal team during the ceremony. “We on behalf of the underwriting syndicate, are proud of this award which recognizes Citicore’s ability to deliver projects in the renewable sector. Citicore was not just met with warm reception during its IPO, but even up to this date with its performance in the stock market,” said BDO Capital President Mr. Ed Francisco.

CREC’s IPO, completed on 07 June 2024, was oversubscribed, offering 1.96 billion common shares to the public from 27-31 May 2024. This attracted a diverse array of investors, both foreign and local, as well as institutional and retail – alongside a notable US$12.5 million investment from the UK Government’s MOBILIST Programme, the maiden IPO participation of the United Kingdom in the Philippines towards the renewable energy transition.

Through the transaction, the company allowed investors to participate in the company’s growth story as a leading pure play renewable energy platform in the Philippines, while raising capital for its strategic expansion target of 5 gigawatts (GW) in 5 years. CREC braved challenging market conditions to become one of the year’s most valuable IPOs on the Philippine Stock Exchange (PSE). 

Alpha Southeast Asia, which describes itself as the first and only institutional investment magazine focused on Southeast Asia, holds their annual Deal & Solution, ESG, and Transaction Banking Awards to recognize the region’s most successful and innovative capital markets initiatives. Being honored at this prestigious event is testament to a company's commitment to excellence, innovation, and sustainability on the regional stage.

UBS AG Singapore was the sole global coordinator and joint bookrunner for the transaction, while the co-lead underwriters were CLSA Limited, PNB Capital & Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. Legal counsel to the team were the law firms Romulo Mabanta Sayoc & de los Angeles, Angara Abello Concepcion Regala & Cruz Law Offices, Milbank (Hong Kong) LLP, and Latham and Watkins LLP. The deal team’s financial advisor was Alphaprimus Advisors, Inc.