M&L Hospitality Trusts defers IPO

Hotel trust M&L Hospitality Trusts has deferred its initial public offering (IPO) on the Singapore Exchange, as investor demand for its shares was less than targeted.

The trust has completed its international roadshow with investors this month, but the “targeted book coverage outcome was not ideal”.

In a report by Channel Newsasia, M&L had planned to raise as much as S$460 million for its IPO according to unconfirmed reports.

M&L Hospitality Trusts is sponsored by Grandline International – owned by the Kum family, one of the pioneers in Singapore’s shipping industry.

Its assets include Ibis on Bencoolen and Ibis Novena (Singapore), Four Points by Sheraton and SwissĂ´tel Sydney (Sydney), Travelodge Docklands (Melbourne), and Hilton Nagoya (Japan).

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