UBS drops out of MREIT IPO, but CLSA takes up the slack
Property

UBS drops out of MREIT IPO, but CLSA takes up the slack

Multinational diversified financial services firm has backed out of the P14.7 billion initial public offering of Megaworld Corp.’s real estate investment trust, MREIT.

But investment group CLSA has filled up the void left by UBS in the MREIT syndicate.

UBS was supposed to be part of MREIT’s global coordinator and bookrunner team along with BDO Capital and Credit Suisse, and DBS.

CLSA has replaced UBS as MREIT’s international bookrunner along with DBS and Credit Suisse.

BDO’s co-lead underwriters are First Metro Investment, RCBC Capital, Investment & Capital Corporation of the Philippines (ICCP), and SB Capital.

MREIT has reduced the size of its IPO in terms of number of shares (844.3 million shares from the previous 1.07 billion common shares) and price (P16.10 from P22 per share). The offer period is from September 14 to 20. The listing date is scheduled on September 30.

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