- TWO DRAGONS Jollibee founder Tony Tan Caktiong (left) with partner Injap Sia, founder of Mang Inasal
Property developer DoubleDragon Properties has priced its re-initial public offering (re-IPO) at P30 per share, firming up the size of its capital-building program at P4.5 billion.
DoubleDragon was authorized to sell to the public as much as 150 million new common shares under this follow-on stock offering.
The final offering price was disclosed to the Philippine Stock Exchange on Thursday. It was at the low end of the indicative price range was between P30 and P40 per share. The stock offering came at a time that the overall stock market had turned bearish.
The offering will run from July 2 to 6. The new shares will be listed on the Philippine Stock Exchange on July 13.
The international bookrunners and lead managers for the offering are Credit Suisse (Singapore) Ltd., Maybank Kim Eng Securities Pte. Ltd. and UBS AG Singapore branch.
The domestic lead underwriters and bookrunners are BPI Capital Corp. and Maybank ATR Kim Eng Capital Partners Inc.
DoubleDragon intends to use net proceeds from the offer to expand its industrial leasing and hospitality businesses. This expansion will add 200,000 square meters of leasable space to its portfolio by 2020. On the hospitality business, the goal is to have 5,000 hotel rooms by 2020. The company also plans to acquire more land to fuel future growth.
When the company debuted on the PSE in April 2014, there was limited opportunity for large institutional investors to participate. As such, this follow-on offering is seen to open up opportunities for foreign investors to take part in the company’s next stage of growth.