Malaysia's Largest-Ever REIT IPO Launches: IOI Seeks About 2.1 Billion Ringgit Ahead of November 25 Listing in Kuala Lumpur
KUALA LUMPUR — IOI Properties Group launched an initial public offering for its property trust on Tuesday, November 3, seeking to raise about 2.1 billion ringgit ($515.7 million) ahead of its planned November 25 listing on Bursa Malaysia. Maybank Investment Bank, a joint principal adviser on the offering, said the IPO would be Malaysia's largest-ever for a real estate investment trust.
Under the prospectus, IOIPG Malaysia Real Estate Investment Trust is valued at about 5.3 billion ringgit, based on a retail price of 96 sen per unit. The trust commands a portfolio of nine properties valued at 7.66 billion ringgit, including IOI City Mall, Malaysia's largest retail mall, and six Marriott-branded hotels. IOI City Mall had more than 2.5 million square feet of leasable space and a committed occupancy rate of 97.9% as of May 31.
IOI Properties is offering up to 2.2 billion units in IOIPG REIT, including up to 715.6 million units for retail investors and up to 1.48 billion units for institutional investors. The company will receive the proceeds of the share sale but did not disclose what it plans to do with the money. IOI Properties plans to retain up to 60% of the trust's units after the listing. The trust forecasts a distribution yield of 6.6% for the year ending December 31, 2027. ($1 = 4.0720 ringgit)
(Source: Reuters)
Source: Reuters
Published by GSM · USA (original Chinese edition)
Photo: 图：位于吉隆坡的马来西亚证券交易所大楼，IOI 房地产信托计划 11 月 25 日在此上市。Travelpleb 摄，CC0，经 Wikimedia Commons。 / Photo: The Bursa Malaysia stock exchange building in Kuala Lumpur, where the IOI REIT is scheduled to list on November 25. By Travelpleb, CC0, via Wikimedia Commons.
