apl-japan-trust-pulls-singapore-ipo

APL Japan Trust pulls Singapore IPO

The management postpones its listing until next year fearing poor secondary market performance. The decision coincides with a 14% drop by Saizen Reit on its debut.
APL Japan Trust, which was set to become the first real estate investment trust backed by commercial Japanese assets to list in Singapore, decided to postpone the deal late on Thursday evening in response to jittery equity markets and a weak sentiment for Singapore-listed Reits in particular.

The decision to pull the initial public offering, which was set to raise up to S$514.9 million $355 million, was made after the books closed and was said to have been prompted by management concerns about a weak aftermarket. According to sources, the deal was fully covered within the price range and could have gone ahead.

This was confirmed in a statement issued by APL Japan Trust...
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