VistaREIT Inc., the real estate investment trust led by the Villar Group, has priced its initial public offering (IPO) at P1.75 per share.
The said price is lower than its indicative price of P2.50 per share.
It will sell a total of 2.75 billion secondary common shares, composed of 2.5 billion in firm shares and 250 million shares as its over-allotment option.
The company earlier said it will sell up to 3.33 billion firm shares and up to 333.75 million over-allotment option shares.
At the new price and offer size, the company will raise some P4.81 billion.
The company will be listed under the stock symbol VREIT.
The company is expected to conduct its IPO from May 30 to June 3 and will list its shares on the PSE on June 15.
VistaREIT is a real estate investment trust sponsored by Villar-led companies Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc. and Communities Pampanga Inc.
The sponsors will receive the entire proceeds of the offer, which shall be reinvested in the Philippines, pursuant to the revised implementing rules and regulations of Republic Act 9856, or the Real Estate Investment Trust Act of 2009.
The company engaged BDO Capital and Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters for the offer, with Abacus Capital and Investment Corp. as participating underwriter.
VistaREIT’s portfolio currently includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The company’s malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga and Cebu, while its office buildings are in Taguig and Bacoor, Cavite.