PLDT Inc. has officially deferred the planned P24.2-billion initial public offering of Vitro REIT Corp. to 2027, citing unfavorable market conditions and rising interest rates.
Despite the delay, the telecom giant emphasized that the postponement is temporary and does not alter its broader financial strategy. The public listing remains a central pillar of PLDT’s asset monetization and deleveraging plans, which aim to reduce overall corporate debt, strengthen the company’s balance sheet, and unlock value from its digital infrastructure holdings. Furthermore, the deal is designed to fuel the ongoing expansion of PLDT’s real estate investment trust portfolio and its rapidly growing data center business.
Under the proposed structure, ePLDT plans to sell up to 1.91 billion secondary common shares with an over-allotment option of nearly 287 million shares at a price of up to P11.00 per share. If fully exercised, the offering will transfer roughly 48.95 percent of Vitro REIT’s capital stock to public ownership. Net proceeds are earmarked primarily to pay down existing debt and support allocations under the company’s official REIT reinvestment plan.
Vitro REIT’s initial portfolio consists of eight income-generating data centers nationwide with a combined total capacity of roughly 24 megawatts, serving enterprise, cloud, and hyperscale clients. In the meantime, the company will continue working closely with the Securities and Exchange Commission and the Philippine Stock Exchange to clear regulatory requirements ahead of its target 2027 debut.
