The PHP 5.3 billion initial public offering (“IPO”) of Citicore Renewable Energy Corporation (“CREC”) was recognized as 2024’s Best Mid-Cap Equity Deal of the Year at the 18th Annual Deal & Solution, ESG & Transaction Banking Awards, hosted by Alpha Southeast Asia on 12 February 2025, in Kuala Lumpur, Malaysia. Of note was the US$12.5 million investment made by the Mobilising Institutional Capital Through Listed Product Structures (“MOBILIST”) Program of the UK Government, a first for the program in the Philippine IPO market.
The winning deal was chosen from nominations submitted by investors for deals made in the ASEAN region.
ACCRALAW acted as counsel to the underwriters of the IPO, namely, UBS AG, Singapore Branch (Sole Global Coordinator and Joint Bookrunner), BDO Capital & Investment Corporation (Domestic Lead Manager and Joint Bookrunner), CLSA Limited, PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation (Co-Lead Underwriters), and Investment & Capital Corporation of the Philippines (Participating Underwriter). The team was led by Senior Partner Judy Hao and assisted by Senior Associates Celerina Rose D. Fajardo-Nacin and Roilan Rigil Kent A. Alonzo. The ACCRALAW team also includes Associates Christine Joy S. Escalante and Eric Leonardo L. Cembrano.
Alpha Southeast Asia, established in 2006, is a Hong Kong-based publication that has reported and published articles on notable institutional investments, capital markets, and banking transactions in the ASEAN region.