Business

DoubleDragon prices REIT IPO at P2.25 per share

Shares of DoubleDragon Properties’ real estate investment trust were priced Friday at the top end of the range ahead of their highly anticipated market debut.

In a regulatory filing, DDMP REIT Inc. said it has priced its initial public offering at P2.25 a share to raise as much as P14.7 billion, bigger than Ayala Land’s P13.6 billion REIT listing last year.

The base offer comprises 5.94 billion shares with an over allotment option of up to 594.25 million shares.

DDMP REIT has mandated Credit Suisse, DBS, Nomura & PNB Capital to act as joint global coordinators and joint book runners together with RCBC Capital, ICCP, Macquarie, Maybank Kim Eng and CIMB.

The IPO will run from March 10 to 16 while the listing of the shares on the main board of the Philippine Stock Exchange has been set on March 23.

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