Accordia prices Singapore IPO at bottom

Deal re-constituted to skew more paper to Japanese retail investors.

A 782.1 million unit initial public offering for Accordia Golf Trust was priced on Thursday at S$0.97, the bottom of its indicative range.

The S$759 million $609 million Citigroup and Daiwa led offering was re-structured to allow more paper to be placed into Japan via the Public Offer Without Listing POWL. As a result, the Japanese retail tranche was boosted to 82% of the deal from 73.7% initially.

It is very unusual to see such a high proportion being allocated via a POWL and it left institutions with 14%, down from 21% originally. A total of 50 accounts participated, of which the majority were Japan-dedicated funds...

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