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PSE approves listing of DoubleDragon's REIT IPO

Business

PSE approves listing of DoubleDragon's REIT IPO

By James A. Loyola

The Philippine Stock Exchange, Inc. (PSE) has approved the listing of the P14.7 billion initial public offering (IPO) of DDMP REIT, Inc. (DDMPR), the second Real Estate Investment Trust (REIT) to debut on the bourse.

DDMPR is set to offer up to 5.94 billion secondary common shares at a price of up to P2.25 per share. The final offer price will be announced after the Company’s book building process.

The offer period will run from March 10 to 16, 2021 and is tentatively scheduled to be listed on the main board of the PSE on March 23, 2021.

"We are optimistic that more property companies will list REITs in the Exchange this year given the benefits to the REIT company, its investors and to the country’s economy because of the reinvestment in the Philippines rule for the REIT’s sponsor,” said PSE President and CEO Ramon S. Monzon.

As with all IPOs, 10 percent of the offer shares will be set aside for Local Small Investors (LSIs). These shares are available for subscription to LSIs through the PSE Electronic Allocation System (PSE EASy) platform during DDMPR’s offer period.

All first time REIT IPO investors, whether subscribing through PSE EASy or directly through REIT-eligible stockbrokers, must secure a Name on Central Depository (NoCD) account before they can avail of REIT shares. The Implementing Guidelines for trading participants and LSIs and DDMPR’s REIT Plan will be published on the PSE EDGE website (https://edge.pse.com.ph).

Related Tags

PSE IPO DoubleDragon REIT

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