VistaREIT Inc., the real estate investment trust company of Vista Land & Lifescapes Inc., pegged the final offer price of its initial public offering at P1.75 per common share.
VREIT said in a report to the stock exchange the IPO now involves 2.750 billion secondary common shares, composed of 2.5 billion in firm shares and an overallotment option for another 250 million in common shares.
“Please be advised that the final offer price for the REIT initial public offering of VistaREIT Inc.’s common shares is P1.75 per common share,” the company said.
This means VREIT was looking at an IPO size of P4.812 billion, down from P9.2 billion based on the previous offering of 3.33 billion firm shares and 333.75 million over-allotment option shares at a price of P2.50 apiece.
“VistaREIT Inc. is still awaiting feedback from the Securities and Exchange Commission on any further disclosures required to be made with respect to the revised offer size,” it said.
Based on the terms previously approved by the PSE, VREIT would conduct its maiden share offering from May 30 to June 3.
The company was expected to list its shares on the maid board of the PSE on June 15 under the trading symbol VREIT.
PSE president and chief executive Ramon Monzon earlier said the entry of VistaREIT would further boost the size of the REIT market and broaden the portfolio of mall and office building assets in the local REIT space.
VREIT will be the seventh REIT company to list in the local bourse. It is also one of the three companies that the Villar Group plans to list in the stock exchange this year. The two others are Coffee Project and Siquijor Island Power Corp.
VREIT’s initial portfolio of includes 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, Tanza, Antipolo City, San Jose Del Monte City, San Fernando City and Talisay City. The office buildings are in Taguig City and Bacoor City.
Post-IPO, VistaREIT will have a public float of 48.95 perfect, while current shareholders will retain the remaining 51.05 percent.
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 for the offering, with Abacus Capital and Investment Corp. as participating underwriter.