FIRST ON RADAR: PNB Holdings sets stock price at ₱1.20 ahead of September 25 debut

Property firm to enter the market with ₱56.3-billion indicative market capitalization.

The property holdings arm of Philippine National Bank (PNB) is set to enter the local stock market at an initial reference price of ₱1.20 per share when it lists on September 25.

PNB Holdings Corp. said it will have approximately 46.93 billion outstanding shares upon listing, giving it an indicative market capitalization of about ₱56.3 billion based on the reference price.

The ₱1.20 price is near the lower end of the ₱1.18 to ₱1.89 per-share valuation range cited in an independent fairness opinion.

The listing will be done by way of introduction, allowing the company’s existing shares to be listed on the Philippine Stock Exchange without a public offering of new shares.

PNB Holdings’ portfolio includes three Metro Manila properties with a combined appraised value of about ₱80.9 billion. These are the PNB Financial Center in Pasay City, the PNB Makati Center along Ayala Avenue, and the approximately 8,000-square-meter Buendia-Paseo property in Makati City.

Together, the properties have more than 137,000 square meters of existing gross leasable area and represent more than 11 hectares of land with potential for further development, subject to planning, regulatory approvals and market conditions.

PNB Holdings plans to pursue redevelopment in phases, with potential projects covering commercial, office, retail, hospitality and luxury real estate. The company said it will continue to maximize its existing leasing operations while evaluating opportunities to redevelop selected properties.

The company also said it has a liabilities-to-equity ratio of just 0.02:1, giving it substantial balance sheet capacity as it considers future redevelopment projects.

PNB Holdings CFO Ponciano S. Carreon Jr. said the listing would provide liquidity and price discovery for shareholders who received the shares as a property dividend in 2021.

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