Mapletree Greater China Commercial Trust Management Ltd, a wholly owned subsidiary of Mapletree Investments Pte Ltd (MIPL), has launched the largest initial public offering (IPO) ever by a real estate investment trust (REIT).
Mapletree Greater China Commercial Trust Management, which manages Mapletree Greater China Commercial Trust, launched the IPO with an offer price of S$0.93 per unit in Singapore. The company said in a statement that issue has been priced at the top of the offering price range due to strong interest shown by institutional investors during the book-building process.
The company submitted prospectus dated Feb 27 to the Monetary Authority of Singapore on Tuesday making it possible for the company to get listed on the Singapore Exchange Securities Trading Ltd (SGX-ST). The company will offer about 776.6 million shares, and out of those about 265.4 million will be available to the public.
Mapletree Greater China Commercial Trust Management is planning to raise about S$1.68 billion and this will make it the largest real estate investment trust (REIT) IPO ever at SGX-ST in Singapore. It will also be the first REIT issue offering investors a chance to invest in properties both in China and Hong Kong and take advantage of the growing markets.
The IPO by Mapletree will be largest in two years, since Hutchison Port Holdings Trust raised US$5.5 billion in March 2011.