After a two-and-a-half-week delay, Mapletree Commercial Trust yesterday kicked off the institutional bookbuilding for its Singapore initial public offering. According to the prospectus, the company is looking to raise up to S$923.7 million $732 million, which is slightly below the S$1.1 billion that was talked about in early March.
The company did a couple of weeks of pre-marketing and was expected to start the formal roadshow on March 21. However, in the wake of the market volatility and uncertainty sparked by the earthquake in Japan, it decided to hold off on the launch. The Singapore stock market hit a 2011 low on March 18, but since then has rebounded...
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