DoubleDragon sets IPO

MANILA, Philippines - The property firm of Mang Inasal founder Edgar “Injap” Sia II and Jollibee owner Tony Tan Caktiong aims to become the first company to list in the Philippine Stock Exchange this year.

Following the P1.1-billion initial public offering (IPO), DoubleDragon Properties Corp. will venture into shopping malls and office space development for the first time as it bids to become one of the top 10 property firms in the country by 2020.

“Finally, after more than a year, we have finally filed (the IPO application) and hopefully we can list soon,” Sia said in a text message.

Late last week, DoubleDragon submitted to the Securities and Exchange Commission the application for the public share sale. The property firm plans to sell 579.73 million primary shares at a maximum price of P2 apiece, allowing the company to raise P1.15 billion.

“DoubleDragon’s IPO proceeds will be used to fund its prospective residential, commercial and mixed-use real estate developments. A huge portion of the proceeds will jumpstart its flagship project, the City Mall,” the company said.

DoubleDragon wants City Mall to become one of the largest independent branded community mall chain in the country with floor areas of 5,000-10,000 square meters (sqm) each. It will be put up in prime locations nationwide, mostly in Visayas and Mindanao.