Ascendas Hospitality Trust has decided not to launch its initial public offering in Singapore due to the challenging market conditions, but will remain flexible about the timing of the deal, sources said yesterday.
The trust was aiming to raise between $600 million and $700 million, and after starting pre-marketing earlier this month had been expected to kick off a formal institutional roadshow early this week, according to sources. Ascendas Hospitality Trust owns hotels in Australia and several Asian markets, including China and Japan.
The company is not launching the deal this week, but it may come back soon, one source said.
Singapore’s FTSE Straits...