FilReit, Del Monte push IPO momentum

FilReit hopes to generate P12.6 billion via an IPO at P7 per share, which the company said was price driven by strong domestic demand during bookbuilding process

A property giant and a homegrown food multinational will be keying off a new wave of initial public offering (IPO) in the coming days based on plans unveiled yesterday to the bourse.

Filinvest Real Estate Investment Trust (FilReit) hopes to generate P12.6 billion via an IPO at P7 per share, which the company said was price driven by strong domestic demand during bookbuilding process.

FilReit, which was formerly known as Cyberzone Properties Inc., said it has successfully set the final offer price which was at the mid-point of the range, with demand driven by strong participation from domestic qualified institutional buyers and pension funds, along with international institutional and private bank participation.

The base offer is 1.634 million common shares, with an overallotment option of up to 163.4 million common shares.

The offer period will run from 23 July 2021 to 3 August 2021.

The company is expected to list and commence trading at the Philippine Stock Exchange Inc. (PSEi) on 12 August 2021.

Prime office buildings

The property portfolio of FilReit consists of 17 Grade A office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA).

The 16 buildings are located in Northgate Cyberzone within Filinvest City in Alabang while one is in the gateway of Cebu IT Park in Lahug, Cebu City.

FilReit has access to inorganic growth opportunities from the sponsor’s pipeline of what the company believes are high quality income-producing commercial assets.

As of 31 March 2021, FilReit’s sponsor Filinvest Land Inc. (FLI), has 14 operational office buildings and 11 more under construction located in key CBDs that may form additional pipeline acquisitions for the company. These buildings are expected to total approximately 315,000 square meters of GLA.

Del Monte sets float price

Also, subject to Del Monte Philippine Inc.’s (DMPI) fulfillment of certain conditions, regulator Securities and Exchange Commission (SEC) had favorably considered the company’s application for the registration of up to 2.797 billion common shares.

In a notice dated 19 July 2021, the PSE confirmed that it has approved DMPI’s application for the listing of the Shares. The PSE’s approval is subject to DMPI’s compliance with certain post-approval requirements set by the PSE and the other conditions and requirements provided in the pre-effective approval of the SEC.

PHOTOGRAPH COURTESY OF DTI Tycoon incubator Unleashing the potentials of young Filipinos to become the next tycoons, the Department of Trade and Industry in collaboration with the Ministry of Trade, Investments and Tourism, launched the Youth Entrepreneurship Program (YEP) in Bangsamoro Autonomous Region in Muslim Mindanao. ‘YEP was created specifically to empower you (youth) and give you the education and confidence to innovate so that you can carve your own entrepreneurial path to success,’ Trade Secretary Ramon Lopez said at the virtual launching of YEP in the region.