MANILA - Robinsons Land Corp on Monday said it has set a final offer price for its planned real estate investment trust (REITs) initial public offering at P6.45 per share.
"Please be advised that the final offer price for the REIT initial public offering of RL Commercial REIT Inc’ common shares is P6.45 per common share," it said in a disclosure to the stock exchange.
RLC said its RL Commercial REIT Inc could be the country's largest REIT with a market capitalization of P64.2 billion.
The company earlier said the Philippine Stock Exchange has cleared its proposed offering of up to 3.34 billion common shares with an overallotment option of up to 305 million common shares.
Proceeds will be used in its Philippine projects such as malls, offices, residences, hotels, industrial and logistics facilities, the company said.
Its initial portfolio consists of 14 commercial real estate assets with a total gross leasable area of 425,315 sqm located in Central Business Districts across Metro Manila such as Makati, BGC, Ortigas, Quezon City and Mandaluyong as well as in key cities of Naga, Tarlac, Cebu and Davao.
Several REITs are already listed in the stock exchange while more from the country's top conglomerates are also seeking approval for their own offering, giving more options for retail investors.
In January PSE president Ramon Monzon said more Filipinos are investing during the pandemic with local investors making up 25.9 percent of total retail investors compared to 18.2 percent a year ago.