The Securities and Exchange Commission approved the initial public offerings of VistaREIT Inc. of the Villar Group and Raslag Corp. worth a combined P9.87 billion.
The SEC in a statement Thursday it cleared the P9.17-billion maiden offering of VistaREIT involving the sale of up to 3.33 billion common shares plus over-allotment shares of up to 333,750 million in common stocks to be sold at a maximum price of P2.50 apiece.
VREIT, the real estate investment trust company of Vista Land Inc., will have an initial portfolio of 10 community malls and two office buildings with an aggregate gross leasable area of 256,404 square meters.
The malls are located in Vista Land’s integrated developments, which serve as a one-stop shop for its residents in Las Piñas City, Bacoor City, General Trias City, Imus City, Municipality of Tanza, Antipolo City, San Jose Del Monte, San Fernando and Talisay City, Cebu. The office buildings are located in Taguig City and Bacoor City.
Post-IPO, VistaREIT will have a public float of 48.95 percent while the rest of shareholders will retain 51.05 percent.
VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the main board of the Philippine Stock Exchange on May 26, based on the latest timetable the company submitted to the SEC.
The company engaged BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.as joint lead underwriters of the offering, with Abacus Capital and Investment Corp. as participating underwriter.
Raslag, meanwhile, plans to offer up to 350 million in common shares for a maximum price of P2 per share, with an over-allotment option of up to 52.5 million in common shares.
The company plans to use the net proceeds from the offering to finance solar projects, namely RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga, and RASLAG-5, with an estimated capacity of 60 MW.
The offering period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.
Raslag is a domestic renewable energy developer founded by Peter Nepomuceno of the Nepomuceno family in Angeles City, Pampanga, and Conrado Pecjo, the business development manager of Angeles Power Inc. It currently focuses on the development of solar power projects, with two operating units in Pampanga.
The company tapped China Bank Capital as sole issue manager, underwriter and bookrunner of the IPO.