The Philippine Stock Exchange, Inc. (PSE) has cleared the initial public offering (IPO) of AREIT, Inc. (AREIT), the first Real Estate Investment Trust (REIT) to be listed in the PSE. Ayala Land, Inc. serves as the sponsor of AREIT.
“We are set to witness a milestone in the capital market with the first REIT IPO. We are excited over the prospects of the REIT sector now that we have a first mover in REIT listing,” said PSE President and CEO Ramon S. Monzon.
AREIT will be offering a total of 502.57 million shares, inclusive of the over-allotment option of 45,688,700 shares. AREIT shares have an indicative price of up to Php30.05 per share. The final offer price will be determined after the company’s book building process.
The scheduled offer period of AREIT is from July 27 to August 3, 2020.
“We are pleased that AREIT has decided to pursue its IPO even under the present economic challenges brought about by the COVID-19 pandemic. We are optimistic that the company’s IPO will pave the way for other property firms, even those that are not yet listed in the PSE, to consider listing REITs,” Monzon added.
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