MREIT moves listing date to October 1 amid ‘overwhelming demand, Kevin Tan says strong IPO response reflects solid investor sentiment

The real estate investment trust of Megaworld Corp. is expected to begin trading on the Philippine Stock Exchange on October 1, according to an amendment filed.

MREIT originally planned to debut on the stock exchange on September 30.

A joint statement by MREIT president and CEO Kevin Tan and BDO Capital Investment Corp. president Eduardo Francisco said the listing date was moved by one day as “the overwhelming demand from investors who subscribed to the MREIT shares has affected the timely completion of the lodgement of the shares with the Philippine Depositary and Trust Corp.”

“We are grateful that the introduction of REITs to the market was met with much optimism and we are very pleased with MREIT’s overwhelming demand. This is a testament to the confidence of investors and a reflection of the strength of the Philippine capital market,” Tan said.

MREIT aims to raise as much as P15.3 billion from its maiden share sale. The IPO involved up to 949.84 million shares including an over allotment option of up to 105.54 million shares priced at P16.10 apiece.

It will be the fifth REIT to list on the bourse after Ayala Land’s AREIT, DoubleDragon’s DDMP REIT, Filinvest Land’s FILREIT and Robinsons Land Corp.’s RL Commercial REIT (RCR).