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Ayala Land on Thursday said its maiden real estate investment trust listing under AREIT will be priced at P27 per share that's expected to raise P12.335 billion.
The initial public offering will sell up to 456,883,000 common shares of AREIT, and offer up to 45,688,700 optional shares under an over-allotment option, it said.
"70 percent of the firm shares shall be for the institutional offer to international and domestic qualified institutional buyers while the remaining 30 percent shall be offered to eligible trading participants and to local small investors following the approved implementing guidelines," Ayala Land said in a disclosure to the stock exchange.
The offer period will run from July 27 to August 3, while listing date of AREIT's shares will be on August 13, 2020.
AREIT said net proceeds from the primary offer will be used to fund the acquisition of Teleperformance Cebu, while proceeds from the secondary offer shall be reinvested by Ayala Land in its other real estate projects.
"Ayala Land as sponsor is committed to grow and support AREIT post-listing. Assuming full exercise of the over-allotment option, ALI shall remain as majority shareholder, holding a 51% interest in AREIT," it added.
Source: ABS-CBN News
Source: Peso Economics
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