PSE OKs Megaworld REIT’s P27.3B IPO

The Philippine Stock Exchange

MANILA, Philippines – The Philippine Stock Exchange has approved an initial public offering of as much as P27.3 billion to be launched by Megaworld Corp.-sponsored MREIT Inc. this September.

This will be the fifth REIT to come to market after AREIT Inc., DDMP REIT, Filinvest REIT and RL Commercial REIT and its offering is potentially the largest in the PSE’s REIT pipeline so far.

Up to 1.078 billion existing common shares in MREIT will be sold by the REIT sponsor, Megaworld, with an overallotment option of up to 161.7 million shares, at a maximum price of P22 per share.

The IPO price will be finalized on Sept. 9.

MREIT’s offering is scheduled to run from Sept. 14 until Sept. 20, while the shares will be listed on the stock exchange on Sept.30, based on an offering circular issued by the PSE.

Upon listing, this will give MREIT a market capitalization of P55.71 billion.

The equity deal will bring at least 42.57 percent of MREIT’s stocks to public hands, which can increase to 49 percent if the over allotment option was exercised.

gsg