The withdrawal of UBS from the P14.7 bllion initial public offering of bilyonaryo Andrew Tan’s MREIT has been the hot topic in group chats in the banking community.
It’s rare that a big company like Megaworld would change its MREIT syndicate just a few weeks before its listing on September 30.
Bilyonaryo reported that CLSA had taken over UBS’ role as international bookrunner of the MREIT IPO.
A Babbler called up Bilyonaryo’s attention clarifying that UBS did not pull out of the MREIT syndicate.
According to the Babbler, UBS was eased out by Megaworld’s management led by
president Kevin Tan.
The Babbler cited “trust” issues for Megaworld’s change of heart but
did not elaborate.
The Babbler merely noted that UBS was also part of the investment banking team handling the REIT IPO of rival Robinsons Land Corp. For the record, UBS is also part of the syndicate in the AREIT and FilREIT IPO as well.