VITRO, the digital infrastructure and data center subsidiary of telecommunications leader PLDT, has officially submitted its registration statement and Real Estate Investment Trust (REIT) plan to the Securities and Exchange Commission (SEC) for a landmark initial public offering (IPO).
The company plans to launch a secondary offering of up to 1.913 billion common shares of VITRO REIT, with an overallotment option of an additional 286.96 million common shares, priced at a maximum of ₱11 per share. If the overallotment option is completely utilized, the public listing could raise up to ₱24.2 billion.
PLDT has indicated that a segment of these funds will be used to pay down outstanding debt. To manage the transaction, UBS AG (Singapore Branch) has been tapped as the lead international underwriter, while BPI Capital Corporation will serve as the lead domestic underwriter; both firms will also act as joint global coordinators and joint bookrunners.
VITRO REIT’s initial portfolio will feature eight active, revenue-generating data centers boasting a collective IT-ready capacity of approximately 24 megawatts. These Tier 2 and Tier 3 facilities provide secure, scalable, and resilient digital infrastructure to a diverse clientele, including corporate enterprises, hyperscale operators, and cloud service providers.
This filing comes on the heels of the SEC’s regulatory changes in January, which widened REIT eligibility to encompass telecommunications, power, and transport infrastructure.
This policy shift allows VITRO REIT to make history as the very first digital infrastructure REIT in the Philippines, joining an established market of property and energy-backed REITs from major developers like Ayala Land, Citicore, and Megaworld.
“Today’s filing marks an important step in our efforts to unlock value from PLDT Group’s digital infrastructure portfolio,” said VITRO REIT President Victor Genuino.
“As demand for secure, resilient, and scalable digital infrastructure continues to grow, the proposed VITRO REIT IPO creates an opportunity for investors to participate in the growth of one of the country’s most critical digital infrastructure sectors,” he added.