THE Securities and Exchange Commission (SEC) announced on Thursday that it approved the initial public offering (IPO) of VistaREIT, Inc. of up to P9.178 billion and Raslag Corp. worth up to P700 million.
In its meeting on May 5, the commission en banc resolved to render effective the registration statements of VistaREIT and Raslag covering 7.5 billion common shares and 1.5 million common shares, respectively, subject to the companies’ compliance with certain remaining requirements.
VistaREIT, the real estate investment trust (REIT) of Villar-led Vista Land & Lifescapes, Inc., will offer up to 3,337,500,000 common shares at a price of up to P2.50 per share, with an overallotment option of up to 333,750,000 common shares.
Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.
The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.
As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.
In its latest timetable submitted to the commission, VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26.
The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.
VistaREIT’s portfolio includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while the office buildings are in Taguig and Bacoor, Cavite.
Meanwhile, energy company Raslag Corp. will offer to the public up to 350 million common shares priced at up to P2 per share, with an overallotment option of up to 52.5 million common shares to be offered by selling shareholder J Ten Equities, Inc. The shares will also be listed and traded on the main board of the PSE.
The company expects to net P648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the overallotment option, which could reach up to P105 million.
Proceeds from the offer will be used to finance the company’s solar projects, namely: RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga; and RASLAG-5, with an approximate capacity of 60 MW.
The offer period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.
The company tapped China Bank Capital Corp. as sole issue manager, underwriter, and bookrunner for the offer.
Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects. — Luisa Maria Jacinta C. Jocson