MANILA - Filinvest Land Inc said Wednesday its unit FILREIT has set the final price of its initial public offering at P7 per share.
The price is set at the mid-point of the range, with demand driven by strong participation from domestic qualified institutional buyers and pension funds along with international institutional and private banks, Filinvest told the stock exchange.
The IPO, with the base offer of 1,634,187,850 common shares and an over-allotment option of up to 163,418,785 common shares, is expected to raise up to P12.6 billion, the company said.
Offer period will be from July 23 to Aug. 3 before its expected listing on the Philippine Stock Exchange on Aug. 12, it said.
The PSE said more real estate investment trust (REIT) are to be expected in the coming months as more Filipinos also started investing in stocks during the pandemic.
AyalaLand's AREIT and DoubleDragon's DDMP are already listed on the main index while Megaworld and Robinsons Land are also planning to offer REITS.