Mapletree Industrial Trust’s IPO gets 39.6 times subscription rate

Mapletree Industrial Trust (MIT) said on Tuesday it has received strong demand for its initial public offering (IPO).

In all, it received a total demand of some 21.6 billion units, 37.9 times more than the 569.4 million units available for subscription.

Strong demand from international and local institutional investors saw them requesting for 19.4 billion units, even though just some 488.7 million units were available for them.

This resulted in a 39.6 times subscription rate.

It was the same story in the public offer, where retail investors made bids for 2.2 billion units, chasing after the 80.6 million units available.

At that rate, the public offer was about 27.7 times subscribed.

MIT said it is encouraged by the strong response from investors, which signalled their confidence in the strength of the MIT portfolio.

MIT will now hold a ballot to decide who gets how many shares.

The balloting outcome for the public offer will be released on Wednesday.

Commencement of trading in the Units of MIT on Singapore Exchange is expected to be at 2pm on Thursday.

Source : Channel NewsAsia – 19 Oct 2010

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