PLDT Inc. announced on Tuesday that it has deferred the planned P24.2 billion initial public offering (IPO) of Vitro REIT Corp. to 2027, citing unfavorable market conditions and elevated interest rates.
In a regulatory disclosure to the Philippine Stock Exchange, the telecommunications giant affirmed its continued commitment to the public listing, noting that the transaction remains central to its long-term asset monetization, debt reduction, and data center expansion strategy.
The company stated that the temporary delay will allow it to optimize execution timing while continuing to coordinate with capital market regulators.
“VITRO REIT has decided to defer the IPO to 2027 in light of current market conditions and rising interest rates,” PLDT said.
It also said that the company is actively working toward completing the public offering in 2027, subject to broader market stabilization and regulatory clearances from the Securities and Exchange Commission and the local bourse.
Under the filed offer structure, ICT subsidiary ePLDT plans to sell up to 1,913,043,500 secondary common shares of Vitro REIT, alongside an over-allotment option of up to 286,956,500 secondary common shares at a maximum offer price of P11.00 per share.
Assuming full exercise of the over-allotment option, the offering would represent roughly 48.95 percent of Vitro REIT’s issued and outstanding capital stock.
Corporate filings indicate that net proceeds generated from the share sale will be allocated primarily toward ePLDT’s debt repayment and funding capital expenditures under its official REIT reinvestment framework.
Vitro REIT’s initial portfolio consists of eight operational, income-generating data center facilities with an aggregate IT-ready capacity of approximately 24 megawatts.
The company’s nationwide facility network provides co-location and digital infrastructure services to enterprise, cloud, and hyperscale clients requiring high-resilience data operations.
Global financial institutions UBS AG, Singapore Branch, and BPI Capital Corporation are serving as joint global coordinators and joint bookrunners for the proposed offer, acting as lead international underwriter and domestic lead underwriter, respectively.