PLDT's Vitro Data Center REIT Moves IPO to 2027

PLDT's data center real estate investment trust, Vitro REIT, will not list this year. In a disclosure filed with the Philippine Stock Exchange on October 5 and the SEC on October 6, PLDT said that "in light of current market conditions and rising interest rates, VITRO REIT has decided to defer the IPO to 2027," and that it remains committed to the listing as part of its asset-monetization and deleveraging plans (PLDT disclosure, via SEC Form 6-K). The offering had originally been set to list on October 12 (Inquirer).

The original plan was a secondary offer of up to 1.91 billion shares plus an over-allotment of up to 287 million shares at up to ₱11 each, for gross proceeds of up to ₱24.2 billion (BusinessMirror, InsiderPH). It would have been the first data center REIT listed on the Philippine Stock Exchange (InsiderPH).

New timing, per Vitro's CEO

In an interview with BusinessMirror published October 12, Victor Genuino, president and CEO of ePLDT and Vitro REIT, said the target is now the first half of 2027, with the quarter still undecided. He said timing will depend on market conditions, interest rates and spacing between large listings, and that the company is still aiming to raise "a bit over $400 million for 49 percent," while the ₱11 maximum price could be revised. Genuino also said he expects the implementing rules for Executive Order 119 to be released by November, which he said would push government agencies to classify and migrate their data. These timing details come from Genuino and have not been confirmed in a PLDT disclosure.

BusinessMirror reports the REIT's initial portfolio is eight data centers with about 24 MW of IT-ready capacity.

My take

For those of us who design and host infrastructure in the Philippines, the IPO date matters less than what is behind it. PLDT is treating data centers as a separate asset class that can attract pension funds and real estate investors. That is a sign of a maturing local market, and it should mean more capital for capacity.

Some practical points:

• Capacity is still small by regional standards. A 24 MW starting portfolio across eight sites is modest next to hyperscale campuses in Singapore or Johor. Buyers should keep asking about power, cooling and real redundancy, not just floor space.
• Government demand could be the swing factor. If EO 119's rules do land and push agencies toward classified, locally hosted data, demand for compliant colocation and sovereign cloud could jump. Agencies and their IT providers should start planning their data classification now rather than waiting for the rules.
• REIT ownership changes incentives. REITs prioritise stable yield. Customers should watch whether that shifts pricing, contract terms or appetite for expansion once the units are listed.