DOUBLEDRAGON Corp.’s (DD) subsidiary, Hotel101 Global Pte. Ltd., is nearing its $2.3-billion (P130 billion) listing on the Nasdaq Stock Exchange in the United States after meeting all requirements.
Hotel101 filed and passed its F-4 registration statement on Saturday, Feb. 1 (local time), or Friday, Jan. 31 (New York time), DD said in an e-mailed statement on Monday.
“This marks a significant step forward as it moves closer toward its upcoming $2.3-billion (P130-billion) US Nasdaq listing, following months of rigorous preparation and compliance with the US Securities and Exchange Commission (SEC) and Nasdaq’s registration and listing requirements,” DD said.
The F-4 registration statement is a filing required by the US SEC for the registration of certain securities by foreign issuers.
DD is set to be the first Filipino company to have a subsidiary listed and traded on the Nasdaq.
Hotel101 will list on the Nasdaq via a merger with JVSPAC Acquisition Corp. The two entities signed a merger agreement in April last year.
The combined entity will trade under the ticker symbol “HBNB.”
DD said it is poised to generate P51.3 billion in fresh equity capital, led by the upcoming Nasdaq listing of Hotel101, the equity follow-on, and the real estate investment trust (REIT) public listing of its subsidiary, CentralHub.
Meanwhile, DD said in a regulatory filing that it started the offer period for its bond offering worth up to P10 billion on Monday as the company grows its cash reserves.
The offer period for the seven-year peso retail bond issuance will run until Feb. 14, with the target listing on the Philippine Dealing and Exchange Corp. on Feb. 21.
DD said it received the bond offering’s order of registration and permit to sell, dated Jan. 31, from the Philippine SEC.
The bond issuance consists of a P5-billion base offer and a P5-billion oversubscription option, priced at 7.77% per annum. It is the second tranche of DD’s P30-billion shelf-registered retail bonds program, with the third and final tranche planned for issuance by next year.
The second tranche received a PRS Aaa credit rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings), which means that the offering has marginal credit risk and the rating is likely to remain unchanged in the next twelve months.
DD previously said the issuance will be its lone peso retail bond offering for 2025.
The company previously said the bond issuance will help boost cash reserves, which will subsequently improve its balance sheet.
DD tapped Land Bank of the Philippines, RCBC Capital Corp., and Unicapital, Inc. as the joint issue managers, joint lead underwriters, bookrunners, and selling agents for the issuance.
In November, DD ended the offer period for its P10-billion fixed-rate peso retail bond issuance two days earlier than planned due to high investor demand.
It was priced at 8% per annum and was the first tranche of the company’s P30-billion multi-year retail bond issuance.
DD is engaged in real estate development, including retail leasing, office leasing, hospitality, and industrial leasing.
On Monday, DD shares were unchanged at P9.70 apiece. — Revin Mikhael D. Ochave
