• PLDT is offering nearly 49 percent of VITRO REIT, giving investors direct exposure to data centers rather than offices, malls or warehouses.
• The IPO could raise up to P24.2 billion at P11 a share, valuing the business at roughly P49 billion.
• VITRO REIT will start with eight operating data centers and 24 MW of capacity, with future asset injections a key growth driver.
PLDT Inc. is betting investors are ready to buy into one of the country’s fastest-growing infrastructure segments, filing plans for a VITRO REIT offering that could raise as much as P24.2 billion.
The transaction would create the Philippines’ first listed data center REIT and comes months after regulators expanded REIT rules to include digital infrastructure assets such as data centers.
The proposed offer involves up to 1.913 billion shares and an over-allotment option of 286.96 million shares priced at up to P11 each.
“Today’s filing marks an important step in our efforts to unlock value from PLDT Group’s digital infrastructure portfolio while supporting the continued expansion of VITRO REIT’s data center platform,” said ePLDT president and CEO Victor S. Genuino.
Income and growth play
VITRO REIT’s initial portfolio will consist of eight operating data centers with about 24 megawatts of IT-ready capacity, giving investors exposure to assets serving enterprise, cloud and hyperscale customers nationwide.
PLDT chair and CEO Manuel V. Pangilinan previously said the offer could happen by the fourth quarter of 2026.
As a REIT, the company will be required to distribute at least 90 percent of its distributable income as dividends, offering investors a potential source of recurring cash returns tied to the country’s growing digital infrastructure needs.
The listing also opens a new investment category in the local market, where REIT offerings have so far been dominated by office, retail and industrial assets.
Debt reduction and expansion
The offering consists entirely of shares being sold by ePLDT, meaning proceeds will go to the PLDT unit rather than VITRO REIT.
ePLDT plans to use part of the proceeds for debt repayment under its reinvestment plan.
The transaction also gives the group additional resources as it expands its data center footprint to meet growing demand for cloud, artificial intelligence and enterprise services.
Pipeline to watch
At the top end of the price range, the offering would value VITRO REIT at roughly P49 billion and result in a public float of nearly 49 percent.
Investors will also be watching whether additional facilities from PLDT’s expanding data center portfolio are eventually injected into the REIT, providing a potential avenue for future growth beyond the initial eight-asset portfolio.
UBS AG Singapore Branch and BPI Capital Corp. are acting as joint global coordinators and joint bookrunners for the transaction, one of the largest IPO candidates currently in the Philippine market.
—Edited by Miguel R. Camus
