Megaworld-sponsored MREIT Inc. cut the size of its initial public offering by nearly a quarter and priced it below the P22 maximum price indicated in its IPO filing.
In a disclosure to the stock exchange, Megaworld said MREIT priced its IPO at P16.10 per share to raise as much as P15.3 billion or just 56 percent of its initial target of P27.3 billion.
This is 53 percent lower than the P23.5 billion offer of Robinsons Land Corp.’s REIT, the largest so far in terms of market capitalization, portfolio valuation and asset size.
MREIT will now offer up to 949.84 million shares to the public including an over allotment option of up to 105.54 million shares.
It will be the fifth REIT to list on the exchange after AREIT, DDMP REIT, Filinvest REIT and RL Commercial REIT.
The offer period will run from Sept. 14 to 20 while the company’s shares will start trading on Sept. 30.