Philippines’ Citicore trims IPO size after entry of investor

Citicore Renewable Energy Corp, one of the Philippines’ biggest solar power producers, has cut its initial public offering size following the entry of a cornerstone investor, the company said in its prospectus on Wednesday.

Citicore‘s IPO can raise up to 7.97 billion pesos ($141.25 million), lower than the maximum 12.94 billion pesos in its December filing. It plans to sell up to 2.05 billion shares at a maximum price of 3.88 pesos per share to finance new solar power plants.

Reuters

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