THE Philippine Stock Exchange (PSE) has accepted Filinvest REIT Corp.’s (FILREIT) application to list 4,892,777,994 common shares on the main board of the local market, including the shares for its first public offering (IPO).
The PSE said, “The exchange’s approval of the conduct of the IPO and listing of the company’s shares is subject to the company’s compliance with all of the exchange’s post-approved criteria.”
Filinvest Land, Inc. sponsors FILREIT, previously Cyberzone Properties, Inc., a real estate investment trust (FLI).
The portfolio includes 17 office buildings, 16 of which are in Northgate Cyberzone in Filinvest City in Alabang and one at the Cebu IT Park’s entrance. It has a gross leasable area of nearly 300,000 square meters (sq.m). (GLA).
The IPO is a secondary offering of up to 1,634,187,850 common shares, priced at a maximum of P8.30 per share, with an overallotment option of approximately 163,418,785 common shares provided by FLI. On July 19, the final bid price will be decided.
“If the overallotment option is fully exercised, the offer shares will represent approximately 36.74 percent of FILREIT’s issued and existing capital stock once the offer is completed,” Filinvest Land stated in a statement on Monday.
Filinvest Land, the offer’s parent company, will get the whole proceeds, which may amount up to P14.92 billion if the overallotment option is exercised.
The offer period for FILREIT will run from July 26 through August 3, with a projected listing date of August 12. The ticker symbol for the stock will be “FILRT.”
In a statement, PSE President and Chief Executive Officer Ramon S. Monzon said, “The third REIT company is set to join our roster of listed firms, and we trust that this will send a strong signal for more companies to consider REIT listing as a viable mechanism to raise capital for their expansion plans, as well as provide our investors with alternative investment opportunities.”
As of the end of March, Filinvest Land had 14 operating office buildings and 11 more under construction in major business areas, “which may constitute further pipeline purchases for the company.” It claimed that they will increase its GLA by approximately 315,000 square meters.