RL Commercial REIT, Inc. (RCR) inched up by one centavo on its first day at the Philippine Stock Exchange (PSE), closing the day at P6.46 each from its listing price of P6.45.

RCR is the real estate investment trust (REIT) sponsored by Robinsons Land, Corp. (RLC). It is the fourth and the “largest” REIT listing at the local bourse so far, breaking records upon listing.

Its initial public offering (IPO) raised a total of P23.5 billion, which RLC plans to use to build more projects. RCR’s market capitalization stands at P64.2 billion, said to be the highest among REITs in the country.

“The success of our IPO is an affirmation of RCR as an attractive investment and of REITs as a new facet of the Philippines’ financial landscape,” RCR Chairman Frederick D. Go said during RCR’s listing ceremony.

RCR was among the most traded stocks on Tuesday at P499.7 million with 77.28 million issues traded.

On Tuesday, value turnover at the PSE surged by over six times to P31.17 billion with 4.71 billion shares switching hands from the P5 billion with 1.75 shares traded on Monday.

“Trading activity was focused on the maiden voyage of RCR, which finished slightly up to end its first trading session,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message

RCR opened with a gap up from its P6.45 offer price and traded for as much as P6.55 each.

“But [it] immediately saw profit taking activity take place in the open market, causing the stock to dip to as low as P6.44, but eventually moving sideways above the P6.46 area for the most part of the day. Eventually, the stock closed at this price and ended up being one of the most actively traded issues today,” Timson Securities, Inc. Trader Darren T. Pangan said in a separate Viber message.

RCR has branded itself as the most geographically diverse REIT, with over 94% of its initial portfolio spread in the business districts of Makati, Bonifacio Global City, Ortigas as well as in Mandaluyong, Quezon City, Metro Cebu, Metro Davao, Naga, and Tarlac.

It also has the largest portfolio valuation at P73.9 billion as of end-June, according to Santos Knight Frank.

RCR’s initial portfolio spans 425,315 square meters (sq.m.) of gross leasable area (GLA), which makes its asset size the largest. Its assets also have land leases that last for as long as 99 years.