Filinvest REIT scores PSE approval for P14.92-B initial public offering

The Philippine Stock Exchange Inc. (PSE) approved the P14.92-billion initial public offering (IPO) of Filinvest REIT Corp., scheduled for August 2021.

In a regulatory filing on Monday, the local bourse said it approved Filinvest REIT’s planned listing of 4,892,777,994 common shares on Thursday, July 8.

The company plans to offer the common shares at P0.50 apiece with an over-allotment option of up to 163,418,785 common shares, generating net proceeds of P14.35 billion.

The offer period will start 9 a.m. on July 26, 2021, and end at noon on August 3, 2021. The shares will be listed on the PSE Main Board under the ticker “FLIRT” on August 12, 2021.

Filinvest REIT tapped BPI Capital Corp. and China Bank Capital Corp. as the lead underwriters for the transaction, and BPI Capital Corp. and UBS AG Singapore Branch as joint global coordinators and bookrunners.

First Metro Investment Corp. and SB Capital Investment Corp. will also serve as local co-lead underwriters for the IPO.

The IPO last week already secured the approval of the Securities and Exchange Commission (SEC).

Filinvest REIT is sponsored by Gotianun-led Filinvest Land Inc. (FLI), which is engaged in real estate and leasing.

FLI subsidiaries include Filinvest All Philippines Inc., Homepro Realty Marketing Inc., FCGC Corp., Cyberzone Properties Inc., Filinvest Cyberparks Inc., Filinvest Cyberzone Mimosa Inc., Filinvest Lifemalls Corp., Festival Supermall Inc., Property Specialist Resources Inc., Dreambuilders Pro Inc., and Property Leaders International Limited, among others.

FLI shares are up 2 centavos or 1.75% at P1.16 per share as of 12:39 p.m. on Monday. — DVM, GMA News