Books open for Singapore’s first IPO with renminbi tranche

Dynasty Real Estate Investment Trust will kick off the institutional bookbuilding today for Singapore’s first initial public offering with a tranche denominated in offshore renminbi. The issuer, which is sponsored by Li Ka-shing-backed ARA Asset Management, is looking to raise up to S$955 million $777 million, sources said yesterday.

If successful, that will make it the largest new listing in Singapore so far this year ahead of Far East Hospitality Trust, which raised $527 million from an IPO in mid-August. It is questionable if the demand for offshore renminbi assets is that great, but Dynasty Reit doesn’t have to worry about that since investors can also subscribe to...