PLDT Inc. is moving to list its data center business on the stock market after its subsidiary VITRO Inc. filed a registration statement and Real Estate Investment Trust (REIT) plan with the Securities and Exchange Commission (SEC), with a potential offer size of up to P24.2 billion.
If completed, the listing would become the country’s first REIT backed by data centers, opening a new segment in the Philippine capital markets focused on digital infrastructure.
VITRO Inc. is also set to be renamed VITRO REIT Inc., subject to regulatory approval, as part of the planned listing structure.
The initial public offering covers up to 1.91 billion secondary common shares, with an over-allotment option of up to 286.9 million shares. Pricing is set at a maximum of P11 per share based on the filing.
Once fully subscribed, the offer could represent nearly 49 percent of the company’s outstanding capital stock.
Proceeds from the transaction are intended mainly for debt repayment and other permissible uses under REIT regulations, providing PLDT Group with partial monetization of its digital infrastructure assets.
As of end-March, PLDT reported consolidated gross debt of P297.3 billion and net debt of P282.3 billion.
The REIT portfolio will initially consist of eight stabilized data center facilities with about 24 megawatts of IT-ready capacity, catering to enterprise clients, hyperscalers, and cloud service providers.
The listing is positioned to unlock value from growing demand for cloud computing and artificial intelligence infrastructure while expanding the group’s data center capacity.
UBS AG Singapore Branch and BPI Capital Corporation are serving as international and domestic lead underwriters for the proposed offer.