The country’s first digital infrastructure real estate investment trust (REIT) is moving forward as integrated telco PLDT Inc. prepares to offer nearly 49 percent of its data center arm to the public, aiming to raise up to ₱24.2 billion.

In a disclosure on Monday, June 22, PLDT announced that it has submitted an application to list VITRO Inc. on the main board of the Philippine Stock Exchange (PSE) in connection with its proposed initial public offering (IPO).

Over the weekend, the company filed its registration statement and REIT plan with the Securities and Exchange Commission (SEC), which included a request to change VITRO’s corporate name to VITRO REIT Inc.

The company plans to offer up to 1.91 billion common shares alongside an over-allotment option of 286.96 million shares at an offer price of ₱11 per share, bringing the expected gross proceeds to approximately ₱24.2 billion. Assuming the over-allotment option is fully exercised, public investors will hold around 48.95 percent of VITRO REIT.

VITRO REIT’s initial listing will cover eight of its 11 data centers nationwide, which feature an aggregate capacity of 24 megawatts. These income-generating assets are located across Makati, Pasig, and Parañaque, as well as Pampanga, Cebu, and Davao. As a REIT, the company is required to distribute at least 90 percent of its distributable income as dividends, providing investors with a steady income stream.

The shares, which remain subject to regulatory approvals, will be offered by VITRO REIT’s parent firm, ePLDT. The company intends to use the capital to pay down debt and fund expansion.

Under its reinvestment plan, ePLDT will allocate up to ₱16.6 billion to repay loans that funded the construction of its largest data center in Santa Rosa, Laguna, and to fulfill its existing share subscription commitment to VITRO Sta. Rosa Inc. An additional ₱6.7 billion will be deployed to expand the PLDT Group’s data center assets, telecommunications network infrastructure, and related equipment.

Victor Genuino, president and chief executive officer of ePLDT and VITRO REIT, noted that unlocking value from these data center assets will strengthen expansion efforts and help the company keep pace with emerging technologies.

“As demand for secure, resilient, and scalable digital infrastructure continues to grow, the proposed VITRO REIT IPO creates an opportunity for investors to participate in the growth of one of the country’s most critical digital infrastructure sectors,” he said.

PLDT has tapped investment banking firms UBS AG and BPI Capital Corp. as joint global coordinators and bookrunners for the proposed offering.