asias-inaugural-business-trust-ipo-runs-into-headwinds

Asia's inaugural business trust IPO runs into headwinds

High yielding trust backed by container ships fixes IPO price below indicative range ahead of Singapore retail offer.
AsiaÆs first business trust to seek a listing has met with lukewarm response from institutional investors, forcing it to lower the price and bump up the yield.

After the institutional tranche closed Friday, Pacific Shipping Trust PST fixed the price of its offering at $0.45 per unit for a total deal size of $99.9 million. The Singapore listing candidate had initially hoped to raise up to $115.4 million by pricing its IPO between $0.50 and $0.52 per unit, but with two days left of bookbuilding û on a day when Asian stock markets took a heavy beating û the range was lowered to $0.45 to $0.48.

The book wasnÆt fully covered at the low end...
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