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http://infopub.sgx.com/FileOpen/Keppel-KBS%20US%20REIT%20-%20Balloting%20Result.ashx?App=Announcement& FileID=477398
Keppel KBS US REIT -- General Announcement::IPO BALLOTING ANNOUNCEMENT
Keppel KBS US REIT -- General Announcement::IPO BALLOTING ANNOUNCEMENT
teeth53 ( Date: 09-Nov-2017 16:02) Posted:
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Good for dividend play....Keppel KBS US REIT. It IPO received strong response and the public tranche was 6.7x subscribed. It high is 0895c n low - 0.880c
| Kep-KBS Reit USD | -- | Op-0.895 | Last-0.890 | 0.000 | 0.0 | 13,514,800 | 3,174,600 | 0.885 | 0.890 | 1,701,100 |
teeth53 ( Date: 03-Nov-2017 12:48) Posted:
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Razer, a gaming hardware maker backed by Intel and Hong Kong billionaire Li Ka-shing, has priced its initial public offering (IPO) near the top end of the range, raising HK$4.12 billion ($528 million).
The IPO has been priced at HK$3.88, the Thomson Reuters publication reported, adding the company, which is based in Singapore and the United States, was offering 1.063 billion primary shares in an indicative range of HK$2.93 to HK$4.00 each.
teeth53 ( Date: 01-Nov-2017 08:46) Posted:
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KEPPEL-KBS US Reit has registered its prospectus for IPO with the MAS of Singapore, which will raise gross proceeds of US$553.1 million.
It is offering 262.77 million shares at 88 US cents apiece, consists of an int'l placement of 228.68m units to investors outside the US ,and an offering of 34.09m units to the S'pore public.
Separately, cornerstone investors have agreed to subscribe for 246.37m units, while the joint sponsors - who own the Reit, mgr - are subscribing for some 119.43m units at the offer price.
Backed by Keppel Capital and KBS Pacific Advisors as joint sponsors, Keppel-KBS US Reit's initial portfolio comprises 11 freehold office properties valued at US$829.4m in seven growth cities in the US.
SEE ALSO: Keppel-KBS US Reit sees strong acquisition pipeline over next few years
David Snyder, CEO and chief investment officer (Reit mgr) - "Driving this momentum is the favourable outlook in office real estate sector, especially in key mkts where properties comprising Keppel-KBS US Reit's IPO portfolio are located. These are markets where economic, population and employment growth have exceeded and is projected to continue to expand above the US national average, and where asking rents for office spaces are expected to see a continued upward trend."
Christina Tan, CEO of Keppel Capital, the asset mgt arm of Keppel Corp, said, listing of Keppel-KBS US Reit is part of Keppel's aim to grow its fund mgt business, expand its geographic footprint into the stable US mkt, and tap growing demand by global investors for attractive US real estate investments.
"The Reit will be able to draw on Keppel Capital's expertise in the mgt of listed Reits and strong relationships with Asian investors, as well as KBS' established investment and asset mgt experience in US commercial real estate," Ms Tan said.
Keppel-KBS US Reit's distribution yield for 2018 is [email protected]%, with an expected distribution yield of 7.2% for 2019, reflecting a total return of 12.6%.
The Reit's yield growth is driven by built-in rental escalations ranging from 2-3% for about 97.5% of the portfolio leases, the opportunity to renew expiring leases at potentially higher mkt rent rates, as well as potential growth in portfolio occupancy.
The pipeline of potential acquisitions will come from third-party vendors through the sponsors' deal origination capabilities.
Keppel-KBS US Reit has a distribution policy to pay out 100%"of its annual distributable income from the listing date to the end of 2019. It will subsequently distribute at least 90% of annual distributable income on a semi-annual basis.
Distributions will be declared in US dollars, and unitholders will receive distributions in S'pore dollars, equivalent to the US dollar distribution declared. Unitholders can also choose to receive their distribution in US dollars.
It is offering 262.77 million shares at 88 US cents apiece, consists of an int'l placement of 228.68m units to investors outside the US ,and an offering of 34.09m units to the S'pore public.
Separately, cornerstone investors have agreed to subscribe for 246.37m units, while the joint sponsors - who own the Reit, mgr - are subscribing for some 119.43m units at the offer price.
Backed by Keppel Capital and KBS Pacific Advisors as joint sponsors, Keppel-KBS US Reit's initial portfolio comprises 11 freehold office properties valued at US$829.4m in seven growth cities in the US.
SEE ALSO: Keppel-KBS US Reit sees strong acquisition pipeline over next few years
David Snyder, CEO and chief investment officer (Reit mgr) - "Driving this momentum is the favourable outlook in office real estate sector, especially in key mkts where properties comprising Keppel-KBS US Reit's IPO portfolio are located. These are markets where economic, population and employment growth have exceeded and is projected to continue to expand above the US national average, and where asking rents for office spaces are expected to see a continued upward trend."
Christina Tan, CEO of Keppel Capital, the asset mgt arm of Keppel Corp, said, listing of Keppel-KBS US Reit is part of Keppel's aim to grow its fund mgt business, expand its geographic footprint into the stable US mkt, and tap growing demand by global investors for attractive US real estate investments.
"The Reit will be able to draw on Keppel Capital's expertise in the mgt of listed Reits and strong relationships with Asian investors, as well as KBS' established investment and asset mgt experience in US commercial real estate," Ms Tan said.
Keppel-KBS US Reit's distribution yield for 2018 is [email protected]%, with an expected distribution yield of 7.2% for 2019, reflecting a total return of 12.6%.
The Reit's yield growth is driven by built-in rental escalations ranging from 2-3% for about 97.5% of the portfolio leases, the opportunity to renew expiring leases at potentially higher mkt rent rates, as well as potential growth in portfolio occupancy.
The pipeline of potential acquisitions will come from third-party vendors through the sponsors' deal origination capabilities.
Keppel-KBS US Reit has a distribution policy to pay out 100%"of its annual distributable income from the listing date to the end of 2019. It will subsequently distribute at least 90% of annual distributable income on a semi-annual basis.
Distributions will be declared in US dollars, and unitholders will receive distributions in S'pore dollars, equivalent to the US dollar distribution declared. Unitholders can also choose to receive their distribution in US dollars.
teeth53 ( Date: 26-Oct-2017 07:23) Posted:
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On Razer Ipo in Hong Kong.
SGX is losing it shine n listing. It lost to Hong Kong bourses as a result of not taking on short seller n not doing anything about on short selling.
Resulted - SGX is famous hub for short seller.
SGX is losing it shine n listing. It lost to Hong Kong bourses as a result of not taking on short seller n not doing anything about on short selling.
Resulted - SGX is famous hub for short seller.
teeth53 ( Date: 09-Jul-2017 09:40) Posted:
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Gaming tech firm indicates price range of HK$2.93 to HK$4 a share
Razer is seeking to raise up to US$545m (S$743m) through an initial public offering (IPO) in HK that could value the Co up to US$4.55 billion.
Razer, o1 a roadshow until Nov 6, has indicated an IPO price of between HK$2.93 to HK$4 a share.
The price will be fixed on Nov 6 with plans for trading to start on Nov 13. The IPO comprises 1.06 billion shares or 12% of Razer's share capital. There will also be an over-allotment option for 160 million shares.
Razer's market debut would coincide with the launch of its first mobile phone, which it said would be released first in the US and EU Nov 2 (SG time) is the expected date, according to Razer's website.
Early investors include Intel, HK's richest man Li Ka Shing and S'pore venture capitalist Lee Hsien Yang, ( younger bro of S'pore's prime minister) has raised US$153m from five cornerstone investors, including Singapore sovereign wealth fund GIC (US$20m). Others are Indonesia's billionaire brothers Robert Budi Hartono and Michael Bambang Hartono (US$33m), Singhaiyi Grp managing director Celine Tang (US$50m), Rio casino owner Loi Keong Kuong (US$30m) and Chinese real estate developer Kingkey (US$20m).
The IPO would raise net proceeds of about HK$3.5 billion, based on a mid-range offer price and assuming that over-allotment option is not exercised.
Of this, 25% will be used to expand business in the gaming and digital entertainment industry, including mobile devices. Another 25% will be set aside for acquisitions, 20% for expansion of research and development, and 20% earmarked for sales and marketing initiatives for new products such as zGold, Razer's credits service launched in January.
A pitch to S'pore Prime Minister Lee Hsien Loong, offering to set up an electronic-payment system for the country within 18 mths. After sending his proposal two wks later, he received more than 200 applicants.
All started with.....from PM Lee.
Razer is seeking to raise up to US$545m (S$743m) through an initial public offering (IPO) in HK that could value the Co up to US$4.55 billion.
Razer, o1 a roadshow until Nov 6, has indicated an IPO price of between HK$2.93 to HK$4 a share.
The price will be fixed on Nov 6 with plans for trading to start on Nov 13. The IPO comprises 1.06 billion shares or 12% of Razer's share capital. There will also be an over-allotment option for 160 million shares.
Razer's market debut would coincide with the launch of its first mobile phone, which it said would be released first in the US and EU Nov 2 (SG time) is the expected date, according to Razer's website.
Early investors include Intel, HK's richest man Li Ka Shing and S'pore venture capitalist Lee Hsien Yang, ( younger bro of S'pore's prime minister) has raised US$153m from five cornerstone investors, including Singapore sovereign wealth fund GIC (US$20m). Others are Indonesia's billionaire brothers Robert Budi Hartono and Michael Bambang Hartono (US$33m), Singhaiyi Grp managing director Celine Tang (US$50m), Rio casino owner Loi Keong Kuong (US$30m) and Chinese real estate developer Kingkey (US$20m).
The IPO would raise net proceeds of about HK$3.5 billion, based on a mid-range offer price and assuming that over-allotment option is not exercised.
Of this, 25% will be used to expand business in the gaming and digital entertainment industry, including mobile devices. Another 25% will be set aside for acquisitions, 20% for expansion of research and development, and 20% earmarked for sales and marketing initiatives for new products such as zGold, Razer's credits service launched in January.
A pitch to S'pore Prime Minister Lee Hsien Loong, offering to set up an electronic-payment system for the country within 18 mths. After sending his proposal two wks later, he received more than 200 applicants.
All started with.....from PM Lee.
teeth53 ( Date: 09-Jul-2017 09:17) Posted:
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MindChamps has inked agreements with Chinese investors ahead of a planned IPO
MindChamps, largest operator and franchiser of pre-sch centres in S' pore, has signed exclusive partnerships with investment firms, China First Capital Group (CFCG) and Hillhouse Capital. CFCG, which sells automotive parts began diversifying to education business last year, said: " Globally, early childhood education sector has gained much visibility in recent years.
The parties intend to operate pre-schools and kindergartens under MindChamps brand in China, including HK, in Australia and in US. A more definitive terms will be entered into within 6-months from IPO date, said CFCG.
Last mth, Bloomberg sources, that company intends to launch an IPO here as soon as this quarter, and is seeking a valuation of about $200 million.
MindChamps was founded as an educational research centre in Australia in 1998 and opened its first pre-school in Singapore in 2008.
It now has six company-owned and 44 franchisee-operated pre-schools and reading and writing enrichment centres for children between the ages of two months and 10 years, across Singapore, Australia, the Philippines and the United Arab Emirates.
In its Hong Kong Exchange filing, CFCG said it has also entered into a cornerstone subscription agreement with MindChamps and will subscribe for a 4.99% stake in MindChamps, a financial commitment that is not expected to exceed $11 million, it said
In 2014, Singapore Press Holdings (SPH) bought a 22% stake in MindChamps for $12 million.
MindChamps is well positioned to ride on the growth in early childhood education industry and has built a prominent brand for pre-sch education and have achieved in premium-range pre-sch mkt."
In S' pore, MindChamps has 36 pre-schools and three stand-alone enrichment centres.
A 2015 survey by Straits Times and research firm Nexus Link found that four in 10 families here pack their pre-school children off to tuition, costing them about $155 a month.
But competition for private education providers is also rising.
To deal with a shortage of pre-school places for children in the ages of zero to four, as well as to raise the quality and affordability of pre-schools here, Govt announced in August that by 2022, annual public spending on the pre-school sector will reach $1.7 billion, more than double the $840 million committed this year.
By 2023, pre-schools run or supported by govt will take up 2/3 of the mkt share, up from half.
Keppel-KBS US Reit prices IPO@88 US cents
Keppel Capital and KBS Pacific Advisors, is issuing 262.77 million@US$0.88 apiece in an IPO.
Separately, Reit mgr - are subscribing for some 119.43 million units while cornerstone investors have agreed to subscribe for 246.37 million units at the offer price.
These cornerstone investors are Affin Hwang Asset Mgt Bhd, Hillsboro Capital and DBS Bank, certain private banking clients of Credit Suisse and DBS Bank, the preliminary IPO prospectus.
Launched on Wed Oct 25, 2017. Over-allotment option will not exceed 12% (number of units) to be issued for placement and public offer tranche. Proportion of placement and public offer tranche is not fixed yet. It is expected to raise gross proceeds of some US$553.1 million from the exercise.
Public offer opens on Nov 2 and closes on Nov 7. Trading of units on the SGX Exchange is expected to begin on Nov 9 (Thursday).
The Reit offers attractive distribution yield n total return, its distribution yield for 2018 is estimated @6.8%, with expected distribution yield of 7.2% for 2019, reflecting a total return of 12.6%.
Some 79.5% and 75.2% of cash rental income for 2018 and 2019 is derived from existing leases respectively. At least three-quarters of interest expense will be hedged.
Initial portfolio of Keppel-KBS US Reit will comprise 11 freehold office properties in US spanning 3.23 million sq ft in net lettable area, with an appraised value of about US$829.4 million.
Citing a diversified portfolio, Keppel-KBS US Reit said that these properties are located in Seattle and Sacramento on the west coast Denver, Austin and Houston in the central region as well as Atlanta and Orlando in the east coast.
No single state contributes more than 46% and 26% of appraised value and NLA of the IPO portfolio respectively.
The portfolio' s occupancy stood at 88.1% as at June 30, while committed occupancy was 90% as at Sept 30. It has a stable weighted average lease expiry (WALE) by NLA of 3.7 years as at June 30, with below market average rents for expiring leases.
" This offers the opportunity to lease expiring space at potentially higher market rent rates," Keppel-KBS US Reit said.
It added that organic growth will be driven by built-in rental escalations of 2-3% some 97.5% of existing leases by cash rental income have built-in rental escalations.
Upon listing, Keppel-KBS US Reit will also have a aggregate leverage of 36% and average debt tenure of 4.5 years, providing debt headroom of some US$131.6 million to fund future growth.
" The association with Keppel Capital and KBS offers various growth avenues," Keppel-KBS US Reit said. The pipeline of potential acquisitions could come from third-party vendors through the sponsors' deal origination capabilities, it added.
To enjoy tax transparency under US taxation rules, no single unitholder of the US Reit will hold more than 9.8% of the outstanding share units.
APAC Realty Ltd surged to closed of S$0.775 on brisk trades in the counter following the initial public offering (IPO) of the real estate player, which operates under the ERA brand.
A 11.5c above its IPO price of S$0.66c with a volume of 14,325,000 mil shr changed hands.
Strong insitutional support is seen here, who would likely push this counter to give it status a lift. This counter will give many property counters a price lift ).
Properties in coming day sells well. Investors and agents will give Apac shares a good run .
A 11.5c above its IPO price of S$0.66c with a volume of 14,325,000 mil shr changed hands.
Strong insitutional support is seen here, who would likely push this counter to give it status a lift. This counter will give many property counters a price lift ).
Properties in coming day sells well. Investors and agents will give Apac shares a good run .
Investors snapping up ERA IPO shares @0.66 cents -- Comprises an int' l placement of 44.5 mil shares n a public offer of 4.4 mil shares.
Initial public offering (IPO) of APAC Realty Ltd, which operates under the ERA brand.
At the close of the IPO by Tuesday noon, it public offering had received 3,035 valid applications put in for a total of over 127.7 mil shares. Public offering amounted to about S$84.3 mil. It translates for public tranche being 29 times subscribed.
It placement shares have been over subscribed 597.6 million with a total value of about S$394.4 million. The international placement is about 13.4 times subscribed.
DBS Bank acted as the sole issue mgr, book runner and underwriter to the IPO. Bank also act as stabilising mgr, has over-allotted 9.75 million shares to the placement tranche to meet the strong demand from institutional investors during the book-building period.
APAC Realty has separately entered into cornerstone subscription agreements for an aggregate of over 39.3 mil shares with FIL Investment Mgt (HK) Ltd, Qilin Asset Mgt P/L, Asdew Acquisitions P/L and Azure Capital P/L.
The company estimated that it will receive S$27.1 mil out of the S$61.3 mil in net proceeds that will be raised from the IPO and issue of cornerstone shares.
The IPO marks the return of ERA to the SGX Exch after its holding company, Hersing Realty, was delisted in November 2012.
teeth53 ( Date: 21-Sep-2017 23:23) Posted:
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Saudi Finance Minister Mohammed al-Jadaan told bond investors that the initial public offering (IPO) of Saudi state oil giant Aramco will proceed as planned in 2018, sources Reuters.
Aramco has previously said the listing remained ?on track? after a report. Saudi held the global investor call in preparation for a potential 3rd int'l bond issuance, having issued a US$17.5bil int'l bond last yr n a US$9bil sukuk in April.
Saudi aim to list upto 5% (world?s largest oil producer) on stock exch in Riyadh, the Tadawul, and one or more int'l mkts in an IPO that could raise US$100bil
Read more at http://www.thestar.com.my/business/business-news/2017/09/25/saudi-finance-minister-tells-bond-investors-aramco-ipo-to-go-ahead-in-2018/#x8V5VD5BEDJfA8fs.99
Aramco has previously said the listing remained ?on track? after a report. Saudi held the global investor call in preparation for a potential 3rd int'l bond issuance, having issued a US$17.5bil int'l bond last yr n a US$9bil sukuk in April.
Saudi aim to list upto 5% (world?s largest oil producer) on stock exch in Riyadh, the Tadawul, and one or more int'l mkts in an IPO that could raise US$100bil
Read more at http://www.thestar.com.my/business/business-news/2017/09/25/saudi-finance-minister-tells-bond-investors-aramco-ipo-to-go-ahead-in-2018/#x8V5VD5BEDJfA8fs.99
teeth53 ( Date: 26-Feb-2017 23:04) Posted:
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It?s official: Sea files for IPO on NYSE
Singapore unicorn Sea, formerly Garena, announced. It has a proposed IPO on the New York Stock Exch.
Goldman Sachs, Morgan Stanley, and Credit Suisse will be the bookrunners for the IPO.
The IPO has an indicative size of US$1 billion (S$1.35 billion), according to Sea's registration statement filed on Saturday ( Sept 23).
Sea, which made its mark initially with gaming, diversified into ecommerce and digital payments. Today it has three brands ? Garena, Shopee, and AirPay ? with a presence in seven markets across Southeast Asia: Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Taiwan, and Singapore.
It rebranded itself Sea from Garena on its eighth birthday on May 8 this year, after a funding round of US$550 million from Hillhouse, Cathay Financial, Farallon, GDP Ventures, JG Summit Holdings, and other investors.
See: Q&A: How Sea wants to unite Southeast Asia against the giants
Sea?s earlier backers were China?s Tencent, M'sia?s state investment arm Khazanah Nasional Bhd, Singapore?s Temasek subsidiary SeaTown Holdings International, Japan?s Mistletoe fund of Taizo Son (the younger brother of SoftBank CEO Masayoshi Son), Canada?s Ontario Teachers? Pension Plan, and US private equity firm General Atlantic LLC.
The US$550-million funding this year was aimed at expanding Shopee in Indonesia, where it competes with Lazada and Tokopedia which are both backed by Chinese giant Alibaba.
The company was valued at US$3.75 billion at its earlier funding round in March 2016.
Singapore unicorn Sea, formerly Garena, announced. It has a proposed IPO on the New York Stock Exch.
Goldman Sachs, Morgan Stanley, and Credit Suisse will be the bookrunners for the IPO.
The IPO has an indicative size of US$1 billion (S$1.35 billion), according to Sea's registration statement filed on Saturday ( Sept 23).
Sea, which made its mark initially with gaming, diversified into ecommerce and digital payments. Today it has three brands ? Garena, Shopee, and AirPay ? with a presence in seven markets across Southeast Asia: Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Taiwan, and Singapore.
It rebranded itself Sea from Garena on its eighth birthday on May 8 this year, after a funding round of US$550 million from Hillhouse, Cathay Financial, Farallon, GDP Ventures, JG Summit Holdings, and other investors.
See: Q&A: How Sea wants to unite Southeast Asia against the giants
Sea?s earlier backers were China?s Tencent, M'sia?s state investment arm Khazanah Nasional Bhd, Singapore?s Temasek subsidiary SeaTown Holdings International, Japan?s Mistletoe fund of Taizo Son (the younger brother of SoftBank CEO Masayoshi Son), Canada?s Ontario Teachers? Pension Plan, and US private equity firm General Atlantic LLC.
The US$550-million funding this year was aimed at expanding Shopee in Indonesia, where it competes with Lazada and Tokopedia which are both backed by Chinese giant Alibaba.
The company was valued at US$3.75 billion at its earlier funding round in March 2016.
teeth53 ( Date: 28-May-2017 15:33) Posted:
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So,... no more Euro-denominated REIT for now. Looking forward to another USD-denominated REIT from KBS Realty / Keppel Capital JV coming soon,... Wondering what is the tentative date for the prospectus to be lodged,..
http://www.straitstimes.com/business/cromwell-reit-drops-plans-for-singapore-ipo?xtor=CS11-86
Cromwell REIT drops plans for Singapore IPO
Cromwell REIT drops plans for Singapore IPO
teeth53 ( Date: 19-Sep-2017 08:26) Posted:
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APAC Realty ipo offering...by Equity Fund Northstar.
About 39.3 million cornerstone shares have already been taken up by cornerstone investors comprising FIL Investment Mgt (HK), Qilin Asset Mgt, Asdew Acquisitions and Azure Capital.
Public offering will open at 9pm tonight (Sept 21) and close at noon next Tuesday (Sept 26).
Trading is expected to start next Thursday (Sept 28).
APAC Realty's net profit in the 1st-Qtr was S$4 mil, doubling from S$1.9 mil in the same period last year.
Singapore contributed 99.9% to group revenue last year.
APAC Realty intends to use the IPO proceeds to focus on regional expansion. It holds the ERA master franchise rights for 17 Asia-Pacific countries, but has a presence in only eight countries now with room to grow.
The IPO proceeds with intention to buy over some sub-franchisees, which the group presently holds smaller stakes in.
Expansion into new countries like China also creates a platform. About 6% of buyers here are foreigners. In 2011, it was 18 per cent.
Immediately post-IPO, 13.8 per cent of the company's shares will be in public hands, or 16.5 per cent if the over-allotment option of 9.75 million shares is exercised in full.
Northstar and certain senior employees of APAC Realty will retain a 74.7% stake post-IPO, or 72%, if the over-allotment option is fully exercised.
DBS is the sole issue manager, bookrunner and underwriter for the IPO.
About 39.3 million cornerstone shares have already been taken up by cornerstone investors comprising FIL Investment Mgt (HK), Qilin Asset Mgt, Asdew Acquisitions and Azure Capital.
Public offering will open at 9pm tonight (Sept 21) and close at noon next Tuesday (Sept 26).
Trading is expected to start next Thursday (Sept 28).
APAC Realty's net profit in the 1st-Qtr was S$4 mil, doubling from S$1.9 mil in the same period last year.
Singapore contributed 99.9% to group revenue last year.
APAC Realty intends to use the IPO proceeds to focus on regional expansion. It holds the ERA master franchise rights for 17 Asia-Pacific countries, but has a presence in only eight countries now with room to grow.
The IPO proceeds with intention to buy over some sub-franchisees, which the group presently holds smaller stakes in.
Expansion into new countries like China also creates a platform. About 6% of buyers here are foreigners. In 2011, it was 18 per cent.
Immediately post-IPO, 13.8 per cent of the company's shares will be in public hands, or 16.5 per cent if the over-allotment option of 9.75 million shares is exercised in full.
Northstar and certain senior employees of APAC Realty will retain a 74.7% stake post-IPO, or 72%, if the over-allotment option is fully exercised.
DBS is the sole issue manager, bookrunner and underwriter for the IPO.
ERA Realty to reappearance on SGX as APAC Realty
IPO priced at S$0.66 a share
ERA was listed on the SGX through its holding company Hersing Realty in 1998 and delisted in November 2012.
APAC Realty, which operates under the ERA brand, plans to raise net proceeds of S$27.1 million by selling 48.9 million shares at $0.66 cents apiece in an initial public offering (IPO).
The IPO will comprise 4.8 million new shares and 44.1 million vendor shares, APAC Realty said in prospectus for a listing on the Singapore Exchange mainboard on Thursday (Sept 21).
IPO priced at S$0.66 a share
ERA was listed on the SGX through its holding company Hersing Realty in 1998 and delisted in November 2012.
APAC Realty, which operates under the ERA brand, plans to raise net proceeds of S$27.1 million by selling 48.9 million shares at $0.66 cents apiece in an initial public offering (IPO).
The IPO will comprise 4.8 million new shares and 44.1 million vendor shares, APAC Realty said in prospectus for a listing on the Singapore Exchange mainboard on Thursday (Sept 21).
Cromwell Euro Reit, the first euro-denominated Reit to list on SGX Exch is cutting the size of its initial public offering (IPO).
The Reit is now selling up to 1.3 bil units at an IPO price of 55 euro cents to 57 euro cents each, according draft prospectus lodged on Masnet.
A reduction from 1.58 bil offer size initially proposed. The offer price range remains unchanged.
The Reit is now selling up to 1.3 bil units at an IPO price of 55 euro cents to 57 euro cents each, according draft prospectus lodged on Masnet.
A reduction from 1.58 bil offer size initially proposed. The offer price range remains unchanged.
Cromwell European Reit has lodged a preliminary IPO prospectus for a listing on S'pore Exchange (SGX).
The real estate investment trust, which draws rental income from 81 properties in six European countries, expects to raise gross proceeds of up to ?1.25 billion (S$2 billion). Units will be issued at between 55 and 57 euro cents a unit.
Based on the IPO price range, the Reit is forecasting a distribution yield of 7.5 to 7.7 per cent for next year.
Offeing 1.58 billion units consists of an international placement tranche of about 1.2 billion units, a Japanese public offering of 268 million units, and 79 million units that will be offered to S'pore public.
Cromwell European Reit will have a market cap of between ?1.2 billion and ?1.25 billion upon its debut.
The Reit has a portfolio of retail, office and light industrial properties in gateway cities in Denmark, France, Germany, Italy, the Netherlands and Poland, valued at ?1.83 billion.
This will be largest IPO since NetLink NBN Trust, which had a mkt cap of $3.1 bil upon its IPO in July. It $2.3 bil offer size was the biggest here in 6-years.
The Reit has more than 1,000 leases and a weighted average lease expiry of 5.1 years, which means that no more than 12 per cent of headline rent will expire in each year up to 2021.
About 69.1% of the property portfolio comprises freehold land.
The IPO has two cornerstone investors - Cerberus Singapore, which is taking up a 7% stake, and Hillsboro Capital with 8% stake. Cerberus is affiliated with the vendor of certain of the Reit's properties.
The Reit sponsor is Australia- listed Cromwell Property Grp. Cromwell will take up a stake of between 8.7 and 12.7% in the Reit, based on the maximum offering price and depending on whether the over-allotment option for 91 mil units is exercised.
The Reit manager, Cromwell EReit Management, chose to structure the Reit to have a high free-float as its aim is to be eligible for regional index inclusion shortly after listing.
With an aggregate leverage between 34.3 and 36.6%, below the ceiling of 45%, the Reit has ample borrowing capacity to fund growth acquisitions, the draft prospectus said.
Goldman Sachs and UBS are the joint issue managers. They are also the joint bookrunners and underwriters together with DBS, Daiwa Capital Markets and CITIC CLSA Securities.
This will be the largest IPO since NetLink NBN Trust, which had a market cap of $3.1 billion upon its IPO in July. It $2.3 billion offer size was the biggest here in six years.
Cromwell EReit's listing will be the 14th IPO on the SGX this year.
The Reit will be Singapore's first euro-denominated Reit. Distributions will be declared in euros and paid in Singdollars, unless investors opt to receive the distributions in euros.
The public offering will open at 9pm on Sept 21 and close at 12pm on Sept 26, based on its indicative timetable.
The real estate investment trust, which draws rental income from 81 properties in six European countries, expects to raise gross proceeds of up to ?1.25 billion (S$2 billion). Units will be issued at between 55 and 57 euro cents a unit.
Based on the IPO price range, the Reit is forecasting a distribution yield of 7.5 to 7.7 per cent for next year.
Offeing 1.58 billion units consists of an international placement tranche of about 1.2 billion units, a Japanese public offering of 268 million units, and 79 million units that will be offered to S'pore public.
Cromwell European Reit will have a market cap of between ?1.2 billion and ?1.25 billion upon its debut.
The Reit has a portfolio of retail, office and light industrial properties in gateway cities in Denmark, France, Germany, Italy, the Netherlands and Poland, valued at ?1.83 billion.
This will be largest IPO since NetLink NBN Trust, which had a mkt cap of $3.1 bil upon its IPO in July. It $2.3 bil offer size was the biggest here in 6-years.
The Reit has more than 1,000 leases and a weighted average lease expiry of 5.1 years, which means that no more than 12 per cent of headline rent will expire in each year up to 2021.
About 69.1% of the property portfolio comprises freehold land.
The IPO has two cornerstone investors - Cerberus Singapore, which is taking up a 7% stake, and Hillsboro Capital with 8% stake. Cerberus is affiliated with the vendor of certain of the Reit's properties.
The Reit sponsor is Australia- listed Cromwell Property Grp. Cromwell will take up a stake of between 8.7 and 12.7% in the Reit, based on the maximum offering price and depending on whether the over-allotment option for 91 mil units is exercised.
The Reit manager, Cromwell EReit Management, chose to structure the Reit to have a high free-float as its aim is to be eligible for regional index inclusion shortly after listing.
With an aggregate leverage between 34.3 and 36.6%, below the ceiling of 45%, the Reit has ample borrowing capacity to fund growth acquisitions, the draft prospectus said.
Goldman Sachs and UBS are the joint issue managers. They are also the joint bookrunners and underwriters together with DBS, Daiwa Capital Markets and CITIC CLSA Securities.
This will be the largest IPO since NetLink NBN Trust, which had a market cap of $3.1 billion upon its IPO in July. It $2.3 billion offer size was the biggest here in six years.
Cromwell EReit's listing will be the 14th IPO on the SGX this year.
The Reit will be Singapore's first euro-denominated Reit. Distributions will be declared in euros and paid in Singdollars, unless investors opt to receive the distributions in euros.
The public offering will open at 9pm on Sept 21 and close at 12pm on Sept 26, based on its indicative timetable.
any counter that is not in the over-value & over-rated medical, entertainment or food/bev business is likely to perform badly for its share price.. dunno why aspen still list in sg market, considering at this moment property & oil/gas sector are 2 sectors that everyone shun away from..
Union Gas Holdings went below it offered ipo price. It last closed of at last done of 0.245c. Since it first trading day, 21 July 2015. It traded up to 0.29c
teeth53 ( Date: 14-Jul-2017 07:38) Posted:
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