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DDMP REIT, Inc. (DDMPR), the real estate investment trust of DoubleDragon Properties Corp., set its initial public offering at P2.25 per share on Friday, the higher end of its indicative price.
“We would like to notify the Philippine Stock Exchange (PSE) that the final offering price for the public offering of DDMPR is P2.25 per share,” DDMPR Chairman Ferdinand J. Sia told the stock exchange. .
The company has requested the listing of some 17.83 billion ordinary shares on the main board of the PSE. Of this, 5.94 billion common shares will be offered to the public with an over-allotment option of almost 594.25 million common shares.
With the initial public offering priced at P2.25 per share, DDMPR is poised to raise P14.71 billion.
The offer period will run from March 10 to March 16. Shares of DDMPR are tentatively scheduled to debut on the exchange on March 23.
This will be only the second real estate investment trust to be listed on the PSE, after AREIT, Inc. of Ayala Land, Inc., which raised P13.6 billion from its IPO last year.
In November, the company said that most of the proceeds from the sale would be invested as equity in CentralHub Industrial Centers, Inc.
DDMPR is working with joint global coordinators Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Nomura Singapore Ltd. and PNB Capital and Investment Corp. for the offering.
The company also named CIMB Investment Bank Bhd, Investment & Capital Corp. of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities Pte. Ltd. and RCBC Capital Corp. as bookrunners of the sale. . – KCG Valmonte
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