Mapletree Commercial Trust prices just above the mid-point

Mapletree Commercial Trust has priced its Singapore initial public offering just above the mid-point of the indicated range, at S$0.88 per unit, which allowed it to raise S$893.2 million $718 million. Many of the investors were price sensitive, but after the bookbuilding picked up momentum in the final two days, the bookrunners were able to push the price up a couple of notches.

The demand was Asia-heavy and, perhaps not too surprising for a yield play, private wealth money accounted for a large portion of it. However, according to sources, there was also good demand from long-only funds and hedge funds. Over all, the institutional portion of the deal...