capitaland-raises-178-billion-from-capitamalls-asia-spinoff

CapitaLand raises $1.78 billion from CapitaMalls Asia spin-off

The developer and operator of Asian shopping malls prices its IPO below the mid-point, but increases the institutional tranche slightly in response to good demand.

CapitaMalls Asia CMA, the shopping mall business being spun off from Singapore property developer CapitaLand, has priced its initial public offering below the mid-point at S$2.12 per share for a total deal size of S$2.47 billion $1.78 billion. The shares were offered in a range between S$1.98 and S$2.39.

The demand from institutions was strong enough at the final price that the bookrunners decided to reallocate shares from the retail tranche to satisfy a few additional institutional investors. As a result, the retail offering, which opens today and will run for four days, was reduced to about 8% of the total deal from 12% beforehand. Even so, the retail offering will...

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