Filinvest Development Corp. raised P8.0 billion through its maiden preferred shares offering, with strong investor demand allowing the diversified holding company of the Gotianun Group to exercise the oversubscription option.
The Series A and Series B preferred shares were listed on the Philippine Stock Exchange on Friday, under the symbols “FDCPA” and “FDCPB,” respectively.
The offering, which ran from July 21 to July 31, saw strong interest from both institutional and retail investors, resulting in the offering being 1.66 times oversubscribed. The base offer was P6.0 billion.
Rhoda A. Huang, oresident and chief executive officer of Filinvest Development, expressed gratitude for the strong demand for the offering, which demonstrates investor confidence in the company’s long-term growth strategy and commitment to sustainable value creation.
The Series A Preferred Shares offer an initial dividend rate of 6.6253 percent while the Series B shares offer 7.1087 percent.
The proceeds will be used to refinance existing debt and fund key growth initiatives across Filinvest Development’s core businesses, including residential real estate, banking, hospitality, and power generation.
The Philippine Rating Services Corp. assigned an Issuer Credit Rating of PRS Aaa for the preferred shares, an indication of the company’s strong financial health. BPI Capital Corp. acted as the sole issue manager, with multiple banks serving as joint lead underwriters.
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