Megaworld’s MREIT Inc is seeking to raise up to $548.4 million, while Robinsons’ RL Commercial REIT plans to offer shares worth up to $0.54 billion
The Philippines’ Securities and Exchange Commission (SEC) said on Wednesday it has cleared the way for the initial public offerings (IPO) of the real estate investment trust (REIT) units of Megaworld Corp and Robinsons Land Corp.
Megaworld’s MREIT Inc is seeking to raise up to 27.3 billion pesos ($548.4 million), while Robinsons’ RL Commercial REIT plans to offer shares worth up to 26.7 billion pesos ($0.54 billion), in IPOs set to be launched later this month.
The announcement comes amid a marked rise in coronavirus infections in the country in recent days, and it is again tightening restrictions in many areas including the capital Manila.
Rising Covid cases and corresponding market volatility prompted food and beverages firm Del Monte Pacific to delay the initial public offering (IPO) of its Philippine unit.
The Philippine Stock Exchange has lost nearly 8% so far this year and dropped more than 4% in the current quarter.
A clutch of Philippine firms, including newly launched REITs, and other large planned issues, could make the country Southeast Asia’s biggest IPO market this year as companies aim to raise funds ahead of next year’s national elections.
The REIT listings of Megaworld and Robinsons are set to follow the market debut of units of Ayala Land Inc, DoubleDragon Properties Corp, and Filinvest Land Inc.
Megaworld’s REIT will offer up to 1.078 billion shares at up to 22 pesos ($0.44) per share, with an overallotment option of up to 161.7 million shares. The IPO will run from Aug. 23 to 27, with listing on Sept. 6, the SEC said in a statement.
Robinsons’ REIT offering of up to 3.3 billion shares at up to 7.31 pesos ($0.15) per share, with an overallotment option of up to 305.1 million shares, will run from Aug. 31 to Sept. 8, and list on Sept. 20.