DDMP REIT, Inc. (DDMPR), the real estate investment trust of DoubleDragon Properties Corp., on Friday priced its initial public offering at P2.25 per share, the high end of its indicative pricing.

“We would like to notify the Philippine Stock Exchange (PSE) that the final offer price for the public offering of DDMPR is P2.25 per share,” DDMPR President Ferdinand J. Sia told the stock exchange.

The company has applied for the listing of some 17.83 billion common shares on the main board of the PSE. Of this, 5.94 billion common shares with an over-allotment option of nearly 594.25 million common shares will be offered to the public.

With the IPO priced at P2.25 per share, DDMPR is poised to raise P14.71 billion.

The offer period will run from March 10 to 16. DDMPR shares are tentatively scheduled to debut on the exchange on March 23.Advertisement

This will be only the second real estate investment trust to be listed on the PSE, after Ayala Land, Inc.’s AREIT, Inc. which raised P13.6 billion from its IPO last year.

In November, the company said the majority of the proceeds from the sale would be poured as equity into CentralHub Industrial Centers, Inc.

DDMPR is working with joint global coordinators Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Ltd., and PNB Capital and Investment Corp. for the offering.

The company also named CIMB Investment Bank Bhd, Investment & Capital Corp. of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd., and RCBC Capital Corp. as the sale’s bookrunners.

SOURCE: BusinessWorld