PLDT unit plans $399 million data centre REIT IPO

Philippines-based telco PLDT Inc said on Monday its unit aims to raise up to 24.20 billion pesos ($398.70 million) via a data centre REIT IPO, in what would be the country’s first listing backed by digital infrastructure assets.

VITRO ⁠Inc., ⁠a unit of PLDT’s corporate arm ePLDT, has filed a registration statement and REIT plan with the Philippine Securities and Exchange Commission for the proposed listing, PLDT said in a statement.

ePLDT plans to offer up to 1.91 billion secondary shares, with an over-allotment ⁠option of ‌up to nearly 287 million additional shares, at a price of up to 11 pesos ⁠each.

The shares on offer would represent about 48.95% of the REIT’s outstanding capital after the transaction, PLDT said.
The telecom said proceeds from the share sale, to be received by ePLDT as the selling shareholder, would be used in part for debt repayment and other ‌corporate purposes.

VITRO REIT’s initial portfolio is expected to comprise eight operational data centres across the Philippines with a combined ⁠IT capacity of about 24 megawatts, serving enterprise, cloud and hyperscale customers.

The company is in the process of renaming the vehicle VITRO REIT, subject to regulatory approval, and plans to separately apply for a listing on the Philippine Stock Exchange once the SEC acknowledges the filing. Reuters