The listing of DoubleDragon's real estate investment trust (REIT) will be pushed back by a day as it has not yet finished the lodgment of shares given the hefty number of investors who availed of the initial public offering (IPO).
In a regulatory filing, DDMPT REIT Inc. chairman Edgar "Injap" Sia II said the IPO listing date of DDMPR will be adjusted to Wednesday, March 24, from the previous schedule of March 23, 2021.
"Due to the heavy volume of over 50,000 total investors who subscribed to the DDMP REIT IPO, the lodgment of shares has not yet been finished and would need an additional one day to complete," he said.
DDMP REIT priced its IPO shares at a maximum of P2.25 apiece, finalizing the maiden offering at P14.7 billion to mark the biggest REIT offering in the Philippines so far. At such a price, the projected dividend yield is 5.07% this year and 5.45% for 2022.
The portfolio of DDMP currently covers six office towers with retail components within the DD Meridian Park in Pasay City, with its leasing spaces catering to a mix of tenants such as business process outsourcing companies, government agencies, and corporate locators.
As mandated by the law, DDMP will distribute at least 90% of its annual distributable income as dividends. This refers to the company's net income as adjusted for unrealized gains and losses or expenses and impairment losses, excluding proceeds from the sale of assets that reinvested within a year from the date of sale.
Aside from DD Meridian Park, DoubleDragon's core projects include CityMall, Jollibee Tower, The SkySuites Tower, Dragon8 Mall, and W.H Taft Residences. It also has several projects in Iloilo such as the Injap Tower, The Uptown Place, People's Condominium, FirstHomes Subdivision, and HappyHomes - Mandurriao.
Shares in DoubleDragon Properties Corp. opened Tuesday at P14.38 apiece, up from Tuesday's finish of P14.20. Shares are currently trading at P14.40 as of 10:38 a.m. —KBK, GMA News