ascendas-india-trust-prices-at-top-of-range

Ascendas India Trust prices at top of range

The Reit-like vehicle backed by Indian assets raises a total of $331 million with an implied yield of 4.75%.
Singapore-based Ascendas India Trust confirmed yesterday that it has priced its Reit-like vehicle at the top of the range, allowing it to raise a minimum of S$500 million $331 million.

The final price of S$1.18 implies an annualised yield of 4.75% for the current fiscal year to March 2008. The offering comprised about 423.38 million units, which account for just over 56% of the trust. This will increase to 62% if the 10% greenshoe is fully exercised, however. If so, the deal will end up raising S$550 million $364 million.

The units were initially marketed in a yield range between 4.75% and 5.22%. JPMorgan is the sole financial adviser to the trust...
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