Philippines' VistaREIT opens lower after $90 million IPO

MANILA : Philippine property firm VistaREIT Inc shares opened 1.14 per cent lower on Wednesday, debuting in the Southeast Asian nation's stock exchange after an 4.8 billion pesos ($90.45 million) initial public offering (IPO).

VistaREIT, a real estate investment trust owned by the Philippines' richest man, offered 2.75 billion shares including an over-allotment option at 1.75 pesos each in the country's seventh IPO this year. The shares fell by as much as 9 per cent in early trade.

($1 = 53.20 Philippine pesos)