Premiere Island Power REIT Corp., which will be the power and infrastructure real estate investment trust platform of ultra bilyonaryo Manny Villar’s Prime Asset Ventures Inc., has received the green light from the Philippine Stock Exchange to roll out its P3.2 billion initial public offering.
Premiere REIT will be offering up to 1.4 billion firm shares and up to 210 million overallotment option shares at a maximum price of P2 each. The offer price will be finalized on November 23 following the bookbuilding program.
Net proceeds from the IPO amounting up to P3.09 billion assuming the overallotment option is fully exercised, shall be reinvested in the Philippines.
The offer period will run from November 28 to December 5 while its tentative listing date is on December 15.
China Bank Capital Corp. is the sole issue manager, underwriter, and bookrunner for the offer while RCBC Capital Corp. is the participating underwriter.
“REITs have become a popular asset class among investors in the last two and a half years. We welcome more listings in this space to expand the REIT options available to investors,” said PSE president and CEO Ramon S. Monzon.
Premiere REIT will be the seventh IPO for Villar after VREIT, AllDay Marts, AllHome, Golden MV Holdings, Vistamalls and Vista Land & Lifescapes Inc.