Singapore’s CapitaLand Commercial C-REIT (CLCR) has raised 2.29 billion yuan ($321.7 million) from its initial public offering (IPO) on the Shanghai Stock Exchange, parent CapitaLand Investment said on Friday.
CLCR issued 400 million units at 5.718 yuan each, exceeding its initial estimate of 2.14 billion yuan by 7%, the company said.
Most IPO units went to insurers, strategic capital investors and securities firms, with major investors, including CapitaLand Investment, retaining 20%.
Institutional demand was strong, with offline subscriptions 254.5 times oversubscribed and retail interest hitting 535.2 times, in line with CapitaLand Investment’s domestic-for-domestic fund strategy, which seeks to tap onshore capital to grow funds under management and boost recurring fee income, it said.
Trading is set to begin by end-September, making CLCR China‘s first internationally sponsored retail real estate investment trust (REIT).
Reuters
