Ascendas Hospitality Trust has received strong demand for its initial public offering.
A total of over 437 million stapled securities were offered for subscription at S$0.88 per stapled security.
At the close of the public offer at 12 noon on July 24, there were more than 17,000 valid applications for about 485 million stapled securities.
The placement tranche of 355 million stapled securities, offered to investors outside of the US, including institutional and other investors in Singapore, has been fully subscribed
Meanwhile, the 70 million stapled securities available to the public was 6.9 times subscribed.
Nomura, Standard Chartered, HSBC and DBS are the joint bookrunners and underwriters of the offering.
The pan-Asian hospitality trust, which comprises Ascendas Hospitality Real Estate Investment Trust and Ascendas Hospitality Business Trust, will be the first hospitality trust to be listed in Singapore this year.
Ascendas Hospitality Trust has an initial portfolio worth over S$1 billion, comprising 10 hotels geographically diversified across six cities in Australia, China and Japan.
Ascendas Hospitality Trust is expected to start trading on Singapore Exchange on July 27.
Source : Channel NewsAsia – 26 Jul 2012