Malaysia’s Pavilion Real Estate Investment Trust is set to raise M$710 million $228 million from its initial public offering after fixing the price at the top of the range at M$0.90 per unit for institutional investors, according to sources.
The retail tranche, which accounts for 4.4% of the deal, was priced at M$0.88 per unit.
About 35% of the institutional portion was allocated to six cornerstone investors, which include domestic pension funds and insurance companies as well as pan-Asian insurer AIA. At the final price, the rest of the 95.6% institutional tranche was nearly 30 times covered, one source said.
The strong interest...
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