With the said initial public offering (IPO) viewed as an “important part” in asset monetization of the group.
In a disclosure on Tuesday, October 6, telecoms giant PLDT, Inc. announced that its planned IPO is being deferred to 2027.
“In light of current market conditions and rising interest rates, VITRO REIT has decided to defer the IPO to 2027,” the company said.
The conglomerate further noted that VITRO REIT will continue to coordinate with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to complete the applicable requirements, with a view to completing the offering in 2027.
It also assured that it remains committed to the proposed VITRO REIT IPO as an “important part of the group’s asset monetization and deleveraging plans, while supporting expansion of the REIT portfolio and continued growth of the group’s data center business.”
In a separate disclosure last June, PLDT said that subject to receipt of regulatory approvals, market conditions, and other applicable approvals, its subsidiary ePLDT plans to offer up to 1,913,043,500 secondary common shares of VITRO REIT (or Firm Shares), with an over-allotment option of up to 286,956,500 secondary common shares, pursuant to a secondary offer, at an offer price of up to P11.0 per share.
“The proposed offer of the Offer Shares is expected to raise gross proceeds of up to P24.2 billion, assuming the full exercise of the over-allotment option,” furthered the company.
The Offer Shares are expected to represent approximately 48.95% of VITRO REIT’s issued and outstanding capital stock after completion of the offer, assuming the full exercise of the over-allotment option.
Moreover, the Offer Shares will be offered by the sponsor, ePLDT, pursuant to a secondary offer, with PLDT adding that as an asset class, REITs are required to declare dividends of at least 90% of their distributable income.
It noted that VITRO REIT’s initial portfolio is expected to comprise eight stabilized, income-generating data center assets, with an aggregate Total IT Ready Capacity of approximately 24 megawatts (MW).
“Its nationwide portfolio of strategically located Tier 2 and Tier 3 data centers serves enterprise, hyperscale, cloud and other customers, supported by secure, resilient, and scalable digital infrastructure designed for mission-critical workloads,” added the telecoms giant.
The proposed VITRO REIT IPO, as per PLDT, follows the issuance of SEC Memorandum Circular No. 1, Series of 2026, with these rules broadening the framework for income-generating real estate to include real properties held for the purpose of generating recurring and predictable cash inflows.
The list include digital infrastructure assets such as information and communications technology infrastructure and data centers, which is at the core of VITRO’s business.
