The Securities and Exchange Commission (SEC) gave the go signal for the initial public offerings (IPOs) of real estate investment trusts (REITs) by Robinsons Land Corporation and Megaworld Corporation.
In a statement on Wednesday, August 4, the SEC en banc said it approved the registration statements of RL Commercial REIT (RLC REIT) and Megaworld REIT (MREIT), subject to compliance with remaining requirements.
“The Securities and Exchange Commission has considered favorably the initial public offerings of real estate investment trusts sponsored by Robinsons Land Corporation and Megaworld Corporation,” it said.
RLC REIT will be offering up to 3.32 billion secondary common shares priced at up to P7.31 apiece, with an overallotment option of up to 305.1 million shares. It eyes to raise up to P25.88 billion in net proceeds with the overallotment fully exercised.
The firm will conduct its IPO from August 31 to September 8. It will be listed on the Philippine Stock Exchange (PSE) on September 20.
MREIT, meanwhile, plans to offer up to 1 billion common shares at P22 per share. With the overalloment option of 161 million common shares, the offer could rack up as much as P26.3 billion.
MREIT’s IPO will run from August 23 to 27. Its market debut will be on September 6.
The two new REITs will follow the debut of pioneer AREIT of Ayala Land and DDMP REIT of DoubleDragon Properties Corporation.
Filinvest REIT Corporation, meanwhile, is set for a PSE debut on Friday, August 6. – Rappler.com