Mapletree Commercial Trust launches IPO

Mapletree Commercial Trust, which last month delayed its initial public offering (IPO), said it is now going ahead with the deal to raise as much as S$648.7 million.

The trust on Wednesday lodged its prospectus with regulators, offering 712.9 million shares at S$0.84 to S$0.91 per unit.

Mapletree Commercial Trust had earlier delayed its IPO due to market volatility caused by Japan’s earthquake and tsunami, and political tensions in the Middle East.

The trust’s initial portfolio includes VivoCity shopping mall, Bank of America-Merrill Lynch Harbourfront and the PSA Building.

Based on its prospectus, the expected trading date for the trust is on April 27 at 2pm.

Citigroup, DBS, Deutsche Bank and Goldman Sachs have been appointed as joint global coordinators. CIMB Bank is a joint global coordinator and book runner.

When the Mapletree Commercial Trust IPO goes through, it would be the second biggest listing in Singapore so far this year after Hong Kong billionaire Li Ka-shing’s Hutchison Port Holdings.

Hutchison, which owns container terminals in Shenzhen and Hong Kong, has earlier sold about 5.4 billion units to raise US$5.5 billion and became the world’s biggest IPO so far this year.

Source : Channel NewsAsia – 6 Apr 2011

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