Banyan Tree pulls off IPO despite tough markets

Investors bank on strong brand and global expansion plans to drive earnings growth for luxury resort and spa operator.

Banyan Tree Holdings, which operates luxury hotels, resorts and spas primarily in Southeast Asia, has raised S$368.7 million $232 million after pricing its long-awaited initial public offering in the middle of the indicated range.

At that price the Singapore listing-candidate is valued at a slight discount to its peers, but the fact that it was able to avoid pricing at the very bottom in the current volatile market environment was a clear testament to the quality attached to this name...

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