DD’s re-IPO

Property developer DoubleDragon Properties (DD), which plans to raise up to P7.5 billion in fresh capital, expects to launch this follow-on offering in the last quarter of this year.

“We expect a good take up from the institutional investors who wanted to take a substantial long-term position in DD during its high growth years. We also see this as a good window of opportunity to allow a good base of institutional investors to come in since there is no plan for another equity offering for at least a few years after this round,” DD chair

Edgar “Injap” Sia II told Biz Buzz.

The follow-on offering is also expected to enhance the stock trading liquidity of DD. Apart from aspiring to be one of the country’s biggest property developers, DD aspires to be part of the cream of the crop of the stock market. It aims to join the local stock barometer Philippine Stock Exchange in- dex sooner than later.

Currently valued by the stock market at P102 billion, DD is now comparable to Robinsons Land, which has a market capitalization of P99 billion.

DD has also upgraded its 2020 net profit goal to P5.5 billion from P4.8 billion as it expects its leasable portfolio to become bigger than originally projected by that time. It now expects its 2020 leasable portfolio to reach 1.2 million square meters compared to the old target of one million square meters.