DoubleDragon Properties Corporation was given the green light by the Securities and Exchange Commission (SEC) to push through with its P14.7-billion initial public offering (IPO) of a real estate investment trust (REIT).
In its meeting on Tuesday, February 16, the SEC En Banc resolved to render effective the registration statement of DDMP REIT Incorporated for 17.8 billion common shares for listing on the main board of the Philippine Stock Exchange (PSE).
DDMP pegged the maximum offer price at P2.25 apiece, or a total of P14.707 billion.
Of the total issued and outstanding shares, DDMP will offer to the public up to 5.9 billion common shares currently owned by DoubleDragon, Benedict Yujuico, and Teresita Yujuico. The selling shareholders set aside 594 million more shares for overallotment.
New investors will be able to corner 36.7% of the issued and outstanding common shares of DDMP, while DoubleDragon will retain a 44.3% interest. Benedict Yujuico and Teresita Yujuico will continue to own 9.65% and 9.35%, respectively.
DDMP intends to conduct the IPO from March 5 to 11 and debut on the PSE on March 19.
DDMP’s portfolio includes 6 office towers with retail components in Pasay City. The company’s leasing spaces cater to a mix of tenants, such as business process outsourcing companies, government agencies, and corporate locators.
This is the 2nd REIT offering in the Philippines after Ayala’s REIT launched in 2020. – Rappler.com