Property developer DoubleDragon Properties Corp. has priced the initial public offering (IPO) of its real estate investment trust (REIT) right at the maximum of P2.25 per share, finalizing the size at P14.7 billion, or the largest REIT offering in the country so far. At P2.25 a share, the projected dividend yield as stated in the REIT plan is 5.07 percent for 2021 and 5.45 percent for 2022. Gerry Valenciano, president of PNB Capital, one of the underwriters, said the offering had been oversubscribed by 1.78 times the base offer. This robust demand allowed DDMP (DoubleDragon Meridian Park) REIT to price the maiden offering at the top end of the range. “Throughout the book-building period, we received overwhelming demand and interest from high-quality local institutional investors,” he said. DoubleDragon chair Edgar Sia II said the overallotment option had been fully exercised. The base offer consists of 5.94 billion common shares with an overallotment option of up to 594.25 ... » Learn More about DoubleDragon sets REIT right IPO price, size