The institutional offer, which was launched and priced yesterday following a 10-day roadshow, accounted for 47.3 million new units or approximately 45% of the total sale. Parent company Ascott Group bought 15.3 million of those units to maintain its stake, while the remainder was 15 times subscribed, according to a source close to the deal. This allowed the price to be fixed at S$1.90, which marked the top end of an indicated range that started at S$1.85.
It will be...
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