PLDT—backed by Indonesian billionaire Anthoni Salim’s Hong Kong-listed First Pacific Co.—plans to raise 24.2 billion pesos ($396 million) in what could be the first IPO of a data-center REIT in the Philippines.

The Philippine telecom giant said that its data center unit, Vitro Inc. plans to offer up to 2.2 billion secondary common shares, including an over-allotment option, at as much as 11 pesos each, PLDT said in a filing on Monday to the Securities and Exchange Commission. As part of........

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