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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