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THE Lendlease Global Commercial Reit's (real estate investment trust) initial public offering (IPO) has ended with its public offering 14.5 times subscribed, the Reit's manager announced on Tuesday night.
Its units are expected to start trading on the Singapore Exchange's Mainboard at 2pm on Oct 2.
Lendlease had offered 387.5 million units at S$0.88 each. Of this, 22.7 million units were offered to the public, with 13,640 valid applications for 330.4 million units received. The subscription rate of 14.5 times was the highest for a Singapore Reit in the last five years, said the manager.
Indications of interest received for the placement tranche of 364.7 million units translated to a subscription rate of 9.9 times, with 13 million reserved units fully allocated.
Separately, 13 cornerstone investors have also subscribed for a total of 453.8 million units.
Its units are expected to start trading on the Singapore Exchange's Mainboard at 2pm on Oct 2.
Lendlease had offered 387.5 million units at S$0.88 each. Of this, 22.7 million units were offered to the public, with 13,640 valid applications for 330.4 million units received. The subscription rate of 14.5 times was the highest for a Singapore Reit in the last five years, said the manager.
Indications of interest received for the placement tranche of 364.7 million units translated to a subscription rate of 9.9 times, with 13 million reserved units fully allocated.
Separately, 13 cornerstone investors have also subscribed for a total of 453.8 million units.
Very hot IPO. Saw the allotment , each only getting a few lots.
If dropped lower , can buy some to keep.
If dropped lower , can buy some to keep.
"Lendlease?s share price tanked in the past year as continued struggles in their loss-making Engineering and Services division dragged down profits.
Coupled with weak operating cash flows of only A$60m and A$73m in FY2019 and FY2018 respectively, Lendlease may be looking to unlock more cash for its development and construction businesses."
Coupled with weak operating cash flows of only A$60m and A$73m in FY2019 and FY2018 respectively, Lendlease may be looking to unlock more cash for its development and construction businesses."
"Potential for equity fundraising is high given the Sponsor?s likely desire to unload more properties into the REIT. "
https://www.google.com/amp/s/www.drwealth.com/lendlease-global-commercial-reit-ipo/amp/
"Using the indicative IPO price of S$0.88, the REIT is priced at a premium to book at 1.08 and has an indicative yield of 5.8% and 6.0% in FY2020 and FY2021 respectively."
"Using the indicative IPO price of S$0.88, the REIT is priced at a premium to book at 1.08 and has an indicative yield of 5.8% and 6.0% in FY2020 and FY2021 respectively."
Start trading today 2pm