The initial public offering (IPO) of SM Prime, a developer of malls and offices, would rival that of Philippine food maker Monde Nissin Corp in 2021, which sold 48.6 billion pesos of shares in its IPO.

SM Prime targets launching its IPO process in the second half of this year, subject to market conditions, SM Prime President Jeffrey Lim said in news conference.

Assets under SM Prime's REIT arm will include 12 to 15 of the company's 82 shopping malls across the Philippines, Lim said.

SM Prime is the last major property developer in the Philippines that does not have a REIT unit listed in the stock exchange.

REITs, which manage real estate assets such as hotels, office buildings and malls that regularly generate profits, are attractive to investors seeking regular dividends.

(Reporting by Neil Jerome Morales; Editing by Martin Petty)