Megaworld-sponsored MREIT Inc. had a solid stock market debut last week, closing nearly four percent higher than its initial offer price, making it the most successful listing of a real estate investment trust on the Philippine Stock Exchange.
MREIT has so far delivered the best debut performance among REITs. On its first trading day, the stock rose 3.73 percent or 60 centavos to finish at P16.70 on volume of 33.478 million shares valued at P558.5 million. It even reached a high of P17.16 intraday.
Ayala Land Inc.’s AREIT – the pioneer REIT in the Philppines – opened at P27 per share or the same as its IPO price but fell 7.8 percent to P24.90 apiece.
DoubleDragon Properties Corp.’s DDMPR, the second REIT to list on the PSE, peaked at P2.40 before closing at its listing price of P2.25 apiece.
Gotianun-led FILREIT edged up slightly at P7.02 from its IPO price of P7.
The Gokongwei family’s RL Commercial REIT, which is backed by Robinsons Land Corp., went as high as P6.55 before closing at P6.46, slightly higher than its initial offer price of P6.45 per share.
SOURCE: Bilyonaryo
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