Double Dragon IPO price set at P2 a share

Double Dragon Properties Corp., a property joint venture between Mang Inasal founder Edgar “Injap” Sia II and Jollibee group founder Tony Tan Caktiong, finalized Friday the price for its initial public offering (IPO) at P2 a share, setting the offering size at P1.16 billion.

The pricing is right at the maximum level considered by the property developer, which aims to be among the country’s property powerhouses by 2020 given a strong demand for the offering.

“We are grateful for the support at 14x (oversubscription to base offer),” Double Dragon chair Edgar Sia said.

DoubleDragon is selling 579.73 million new shares with the help of Unicapital Inc., BDO Capital and RCBC Capital. The IPO will bring to public hands 26 percent of company’s shares and give the property developer a post-IPO market capitalization of P4.46 billion.

The offering will run from March 26 to April 1 while listing on the Philippine Stock Exchange will be on April 7 this year.

Local stockbrokerage DA Market Securities said Double Dragon was a long-term buy when considering its consumer-property mix exposure, near- and long-term growth catalysts and strategic partnership of expertise and synergies in retail, branding and local knowledge especially of the Visayas and Mindanao markets. Doris C. Dumlao