KUALA LUMPUR--IGB Real Estate Investment Trust (5227.KU) has
raised 837.5 million ringgit ($266 million) by pricing the institutional portion
of its initial public offering at MYR1.25 a unit, the top end of the indicative
price range, a person familiar with the matter said Thursday.
The
Malaysian property trust--which owns the Midvalley Megamall in Kuala Lumpur, one
of the world's largest shopping malls--marketed the institutional portion of the
IPO at between MYR1.15 and MYR1.25 a unit, according to a term sheet seen
earlier by Dow Jones Newswires.
The REIT is scheduled to list in Kuala
Lumpur on Sept. 21, and is expected to have a market capitalization of MYR4.25
billion upon listing.
The institutional part of the offering comprises
469 million units, while 201 million units have been set aside for retail
investors. The unit of real estate developer IGB Corp. Bhd. (1597.KU) earlier
set an indicative price of MYR1.25 for the retail portion.
IGB REIT's
plan follows a similar offering by Pavilion Real Estate Investment Trust, which
raised MYR710 million in November. CapitaMalls Malaysia Trust, a unit of
Singapore's CapitaLand Ltd., raised MYR852 million in 2010.
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