Bilyonaryo - Business

Manny Villar cuts Vista REIT IPO size by nearly half, sets offer price at P1.75/share

Ultra bilyonaryo Manny Villar’s real estate investment trust has priced its initial public offering at P1.75 per share, much lower than the original maximum target.
RELATED STORY: PSE greenlights listing of Manny Villar’s REIT, IPO kicks off May 30
VistaREIT also slashed the amount of shares it will bring to the market by 25 percent to 2.75 billion secondary shares with an overallotment option of up to 250 million common shares.
This will bring VistaREIT’s equity deal to P4.8 billion, down by about 48 percent from the earlier projected maximum IPO price of P2.50 per share or IPO size of P9.18 billion.
The IPO is scheduled to run from May 30 to June 3 while the shares will start trading on the stock exchange on June 15.
BDO Capital & Investment Corp. China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. are the joint lead underwriters for the IPO with Abacus Capital and Investment Corp. as participating underwriter.
VistaREIT’s portfolio comprises 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters.
The company’s malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while its office buildings are in Taguig and Bacoor, Cavite