Filinvest REIT IPO price set at P7 per share

Filinvest REIT Corp. on Wednesday announced the final price of its maiden share sale at P7.00 apiece, or the middle of its set range for the initial public offering.

The real estate investment trust (REIT) is backed by Gotianun-led Filinvest Land Inc., which will receive all the proceeds from the share sale.

“Please be advised that the final offer price for the REIT initial public offering of Filinvest REIT Corp.’s common shares is ?7.00 per common share,” it said in a regulatory filing.

The company earlier this month scored the approval of the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) for its planned listing of 4,892,777,994 common shares.The offering is made up of 1.63 billion common shares, with an over-allotment option of 163.42 million common shares.

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

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 closed Wednesday at P1.11 apiece, down by a centavo or 0.89% from Tuesday’s finish of P1.12. —NB, GMA News