SEC green lights IPOs of Villar’s VistaREIT, energy firm Raslag

The Philippine corporate regulator on Thursday announced the approval of the initial public offerings (IPOs) of Villar-led VistaREIT and renewable energy developer Raslag.

In an emailed statement, the Securities and Exchange Commission (SEC) said it has approved VistaREIT’s maiden offering of up to P9.178 billion in a meeting on Thursday, May 5.

VistaREIT is sponsored by Villar-led firms Masterpiece Asia Properties Inc., Manuela Corp., Vista Residences Inc., Crown Asia Properties Inc., and Communities Pampanga Inc.

Its portfolio covers 10 community malls and two office buildings in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, Cebu, and Cavite, with a gross leasable area of 256,403.95 square meters.

The firm is set to offer up to 3.337 billion common shares at P2.50 apiece, with an overallotment option of up to 333.750 million common shares to be listed on the main board of the Philippine Stock Exchange (PSE).

The company is set to generate net proceeds of P8.79 billion from the offer, should the overallotment option be fully exercised.

The IPO is expected to be from May 10 to 16, with the firm set to debut on the PSE on May 26 based on the latest timetable submitted to the SEC.

VistaREIT tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters. It also took in Abacus Capital and Investment Corp. as participating underwriter.

Meanwhile, Raslag is set to raise as much as P700 million from its offer of up to 350 million common shares at P2 apiece, with an overallotment option of up to 52.5 million common shares.

The IPO will generate P648.08 million net proceeds from the offer, and an additional P105 million should the overallotment option be exercised.

Proceeds will be used mainly to finance solar projects including a 35.1-megawatt solar photovoltaic plant in Magalang, Pampanga, and another with an approximate capacity of 60 megawatts.

The offer period is scheduled from May 24 to 30, with the listing scheduled on June 6 based on the latest timeline submitted to the corporate regulator.

Raslag focuses on the development of solar power projects with two already operating in Pampanga.

It took in China Bank Capital Corp. as sole issue manager, sole underwriter, and sole bookrunner for the offer.—AOL, GMA News