MANILA: The Philippines' Securities and Exchange Commission said on Tuesday it has approved Filinvest Land Inc's up to 14.92 billion pesos (US$300.56 million) share sale for its real estate investment trust (REIT) unit.
Cyberzone Properties Inc, which will change its name to Filinvest REIT Corp, will offer up to 1.63 billion common shares at a price of up to 8.30 pesos per share, with an overallotment option of up to 163.4 million common shares, or a 36.74per cent stake.
The initial public offering will run from July 19 until July 28, with the shares to begin trading on the Philippine Stock Exchange on Aug. 6, the SEC said in a news release.
Filinvest Land, a US$550 million home builder, will reinvest the IPO proceeds, it said.
A slew of IPOs and REIT listings that could exceed US$4 billion could propel the Philippines to the top spot in Southeast Asia in terms of capital market fundraising this year.
The biggest local REIT IPO so far is that of Megaworld Corp, which is seeking to raise up to 27.3 billion pesos.
(US$1 = 49.64 Philippine pesos)
(Reporting by Enrico Dela Cruz; Editing by Ed Davies)