The IPO of UI Boustead REIT is 3.3 times subscribed.
A total of 677,175,200 units were sold, with 33.9 million units sold to retail investors.
This IPO, which raised $973.6 million, is priced at 88 cents each, which implies a price/NAV of 1.0 time and projected distribution yield of 7.8% for FY2027.
The international placement tranche comprises of 643,275,200 units, were being offered to institutional and other accredited investors, was 3.3 times subscribed, representing $1.9 billion in demand.
An additional 54,634,800 units were over-allotted and allocated to applicants under the placement tranche.
Meanwhile, the Singapore public offer, comprises of 33.9 million units, saw 4,697 valid applications for 99,934,800 units, which amounts to approximately $87.9 million and a subscription rate of 2.9 times.
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“We are heartened by the strong support from investors throughout the IPO. Despite ongoing macroeconomic volatility, the successful close of the IPO reflects confidence in the quality of our portfolio and its ability to generate stable and resilient cashflows,” says Tan Shu Lin, CEO of the manager.
“With the strong backing of our Sponsor, we have a clear and differentiated growth strategy, providing for a solid foundation as UI Boustead REIT begins its journey on the SGX-ST Mainboard,” she adds.
The units in UI Boustead REIT are expected to commence trading on Thursday, March 12 at 2pm.
