Centurion Accommodation REIT rose on its Singapore debut on Thursday after raising S$771.1 million ($598.8 million) in the city-state’s second-largest IPO this year.
Units of the real estate investment trust opened at S$0.98 on the Singapore Exchange, up 11.4% from the IPO price of S$0.88 per unit.
As at 2:10 p.m. (0610 GMT), the units traded as high as S$0.98 and as low as S$0.955 before last changing hands at S$0.975. The benchmark Straits Times Index was down 0.2%.
“The successful REIT IPO, as the second-largest listing of 2025 to date, signals the return of REIT IPOs to the market and is expected to boost sponsor confidence in tapping SGX to realise capital gains and expand portfolios,” said Tay Hwee Ling, Deloitte’s Southeast Asia transactions accounting support leader.
The IPO follows July’s listing of NTT DC REIT, which raised about $773 million, Singapore’s biggest IPO in four years.
Singapore leads Southeast Asia’s IPO market this year with a total of $1.46 billion IPO proceeds raised year-to-date, ahead of Indonesia at $1.24 billion and Malaysia at $982.7 million, LSEG data showed.
The Singapore Exchange has seen renewed interest from issuers after the country introduced measures in February to boost its equities market, including a 20% tax rebate for primary listings.
Recent listings include US cybersecurity firm AvePoint, which became the first company to be listed on both Nasdaq and SGX on September 19. Upcoming IPOs include UI Boustead REIT and Foundation Healthcare Holdings.
Backed by Singapore-based Centurion Corp, Centurion Accommodation REIT owns 14 assets across Singapore, the UK and Australia, with an appraised value of about S$1.8 billion, according to its prospectus.
Cornerstone investors include abrdn Asia, Amova Asset Management Asia and Value Partners Hong Kong.
Reuters
