Germany’s I-Reit completed the first leg of its reconfigured S$369 million $295.98 million Singapore initial public offering on Tuesday, allocating fewer shares to institutional investors than originally planned to accommodate an investment by local tycoon Lim Chap Huat.
The institutional tranche was cutback sharply after the strategic Singaporean investor was included during the book-building process, pushing the schedule back by five days as the real estate investment trust re-lodged the deal with the Monetary Authority of Singapore.
Under the new structure, the placement tranche comprises 156.49 million units at a fixed price of S$0.88 per unit. Institutional investors were allocated S$67.57 million or 76.79 million units while...
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