PLDT Inc. is moving to unlock value from its fast-growing digital infrastructure business, as its wholly owned subsidiary ePLDT files plans for an initial public offering of VITRO REIT Inc., marking what could become the Philippines’ first listed digital infrastructure real estate investment trust.
PLDT said VITRO REIT has submitted a registration statement and real estate investment trust plan to the Securities and Exchange Commission, with a separate application for listing on the Philippine Stock Exchange to follow once regulators acknowledge the filing.
The planned IPO will be a secondary offering by ePLDT of up to 1.91 billion shares, with an additional 286.96 million shares under an over-allotment option. The offer price is set at up to ₱11 per share, potentially raising as much as P24.2 billion if the full option is exercised.
VITRO REIT’s shares are expected to represent about 48.95% of the company after the offer, giving the public significant exposure to PLDT’s expanding data center portfolio.
The REIT will initially hold eight stabilized, income-generating data centers with an aggregate 24 megawatts of IT-ready capacity. These facilities serve enterprise, cloud, hyperscale, and mission-critical clients across the country, forming part of what PLDT describes as a secure and scalable digital backbone.
The move comes as regulators broadened the REIT framework to include digital infrastructure such as data centers, paving the way for telecom-backed assets to enter the capital markets in a more formalized structure.
PLDT said the IPO is designed to unlock value from its digital assets while supporting further expansion of its data center business, which has benefited from rising demand for cloud services and data storage.
“As demand for secure, resilient, and scalable digital infrastructure continues to grow, the proposed VITRO REIT IPO creates an opportunity for investors to participate in one of the country’s most critical sectors,” said Victor S. Genuino, president and CEO of ePLDT and VITRO REIT.
If completed, the listing would mark a milestone for Philippine capital markets, effectively creating a new asset class centered on data centers rather than traditional property.
