Frasers Hospitality Trust cleared the first leg of its S$367.9 million US$296 million initial public offering on Monday, paving the way for the listing of Singapore's first real estate investment trust in almost six months and boding well for other property-backed deals in the pipeline.
An institutional tranche, comprising 136.64 million stapled share units, closed 21 times oversubscribed according to one banker. About 55 accounts were allocated stock with a strong tilt towards the top 12 accounts, which took between S$5 million and S$10 million apiece.
A group of cornerstone investors were also allocated 232.95 million of Frasers Hospitality's stapled share units but with...
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