A report from Iris Gonzales [link] of The Philippine Star said that the Citicore Renewable Energy Corp. [CREC] IPO might be moved from late March to sometime in Q2 to be more 'in line with the expected lowering of interest rates' and to give CREC more time to 'complete some remaining regulatory requirements'. The rumor is corroborated by rumor (a Biz Buzz piece by Miguel Camus [link]), but without comment from any CREC sources or officials from within Edgar Saavedra's camp of Megawide [MWIDE 3.30, down 1.2%] executives.
MB bottom-line: Psychologically, this IPO is kind of a big deal. As noted by the Biz Buzz article, the size of the CREC IPO is larger than all of the FY23 IPOs combined. The original IPO date (March 22) was scheduled for the day following the US Federal Reserve's interest rate decision, and now that it seems quite certain that the US Federal Reserve won't be lowering rates in March, all eyes are turning to the Fed's next rate decision on May 2 to see if we'll finally get the first rate cut. So, while investors are begging for some good news and the markets could use a catalyst, we might have to wait a little bit longer for the first IPO of the year. Maybe they'll look to reschedule the IPO to occur the day following the Fed decision, which would be May 3. I'll wait for official word to adjust my calendar.
Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).