DoubleDragon REIT IPO gets OK from PSE, set for market debut on Mar. 23

DoubleDragon's DDMP REIT Inc. is all set for stock market debut on March 23, as the Philippine Stock Exchange approved its planned initial public offering (IPO) on Friday. 

PSE said DDMPR is set to offer up to 5.94 billion secondary common shares -- with an oversubscription option of 594.25 million shares -- from March 10 to 16, at a price of up to P2.25 per share.

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The final offer price will be announced on March 5.

DDMPR is the second real estate investment trust (REIT) to list at the PSE -- the first being Ayala Land's AREIT Inc.

"We are optimistic that more property companies will list REITs in the Exchange this year given the benefits to the REIT company, its investors and to the country’s economy because of the reinvestment in the Philippines rule for the REIT’s sponsor,” PSE President and CEO Ramon Monzon said.

As with all IPOs, PSE said 10 percent of the offer shares will be set aside for Local Small Investors.

After the share sale, new investors will have a 36.67 percent hold in DDMPR out of the total 17,827,465,406 common shares to be listed at the PSE. 

DoubleDragon will retain 44.33 percent, while Benedict V. Yujuico and Teresita M. Yujuico will have 9.65 percent and 9.35 percent, respectively.

Credit Suisse Ltd, DBS Bank Ltd, Nomura Singapore Ltd and PNB Capital and Investment Corp will act as joint global coordinators for the offering.
 
Credit Suisse, DBS, Nomura, CIMB, Macquarie, and Maybank are the bookrunners while PNB Capital, ICCP, and RCBC Capital are domestic underwriters.

DDMPR's portfolio includes 6 office towers within the DD Meridian Park.

REITs give the public more options to engage in property investments.

This article was originally published by ABS-CBN News.

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“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” 

-Franklin D. Roosevelt

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