CapitaMalls Asia lodges prospectus for listing

Developer CapitaLand lodged a prospectus with the Monetary Authority of Singapore on Monday to list its retail property unit, CapitaMalls Asia.

Pricing details will be released after a road-show to market the initial public offering (IPO). Reports have estimated that the listing could raise as much as S$2.8 billion.

According to the reports, CapitaLand may sell about 1.2 billion shares at an indicative price range of between S$1.98 and S$2.39 a share.

Responding to the media reports, CapitaLand said the size and pricing of the proposed offering will depend on investor demand and prevailing capital market conditions. It added that it has started meetings with institutional investors to assess the demand for the proposed offering.

The listing could take place before the end of this year.

JPMorgan is the sole financial adviser, and the issue manager along with DBS. The two banks are also bookrunners with Deutsche Bank and Credit Suisse.

According to the prospectus, JP Morgan will buy an over-allotment amounting to 15 per cent of the offer shares in CapitaMalls Asia.

CapitaMalls Asia is expected to have a portfolio of 86 retail properties, valued at S$20.3 billion spread across five countries in the region.

Source : Channel NewsAsia – 2 Nov 2009

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