“If the right opportunity is there, then we will consider [listing in 2025] but it’s not on the top of the list,” Lim told reporters in a recent interview.
“We’re still able to get funds to expand,” he said, noting the developer aims to surpass this year the P40 billion profit record set in 2023.
SM Prime previously postponed plans to list its shopping mall assets under a real estate investment trust due to weak market conditions. Its was originally planning to raise about $1 billion selling shares to outside investors.
Last April, SM Prime and parent firm SM Investments Corp. created a $3 billion euro medium-term note (EMTN) program to support its expansion requirements.
In July, SM Investments raised $500 million through the program, while SM Prime has yet to access the debt facility.
“We have other options [to raise money],” Lim explained.
Should the developer pursue an IPO, it intends to keep the roughly $1 billion fundraising target for the deal.
“If we will do one, it has to be at a size that will be attractive to foreign investors. You need to have the size and the liquidity,” Lim said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
