DoubleDragon pegs FOO price at P30

DoubleDragon Properties Corp. has priced its follow on offering, at (FOO) P30 per share, the lower end of an earlier price range of P30 to P40 per share.

“We are extremely happy with the results of the pricing, as it indicates the strong support of the global investing community in the strong growth prospects of DoubleDragon despite the current volatile market conditions,” said DoubleDragon chief investment officer Hannah Yulo.

At an offer price of P30, the company will be able to raise P4.5 billion from an offer of up to 150 million shares common shares.

This is lower than the projected P6 billion if the offer was priced at P40 per share.

“This exercise is an important step for DoubleDragon that we believe will catapult the company into new levels. During our IPO in April 2014, there was limited opportunity for large institutional investors to participate,” said DoubleDragon chairman Edgar “Injap” Sia II.

As the company approaches the completion of its 2020 targeted portfolio of 1.2 million square meters or 120 hectares of prime leasable space, Sia said key investors can now take part in the company’s growth.

Proceeds from the offer would be used to fully fund the rollout of 100,000 square meters of leasable industrial warehouse space to be located in various parts of Luzon, Visayas and Mindanao as well as fuel the company’s hospitality arm to achieve its goal of reaching 5,000 hotel rooms by 2020.

Double Dragon has set a listing date for the offer on July 13, 2018.