CITICORE Renewable Energy Corp. has decided to delay its initial public offering (IPO) to the second quarter from March, the Philippine Stock Exchange said on Tuesday.

"Citicore... informed the exchange that they have recently received inquiries from other institutions with regard to participation in the IPO," the bourse said.

"Following this, the company is carefully evaluating the offers from the various institutions, and hopes to finalize them at the soonest possible time," it added.

"Accordingly, the company has decided to adjust the indicative date of the offer from March 2024 to the 2nd quarter of 2024. The exchange will inform the trading participants and the investing public of further developments on the proposed IPO of the company."

Citicore last month said it planned to conduct an IPO at a price of up to P3.88 per share, consisting of up to 2.90 billion in common shares and an over-allotment option of up to 435 million common shares.

The initial timetable called for price-setting on March 6, a March 11 to 15 offer period and a March 22 listing date.