Investors have pushed up the share price of Singapore-listed property group CapitaLand over the past month in anticipation that the spin-off of its wholly owned pan-Asian shopping mall business will release hidden value for the group, and yesterday CapitaLand followed suit by announcing that the initial public offering of the unit will be priced at a premium to its own valuation.
In an announcement to the Singapore Exchange, CapitaLand said it will offer approximately 1.17 billion secondary shares in the unit, re-named CapitaMalls Asia, to investors at a price between S$1.98 and S$2.39 apiece. This will result in a total deal size between S$2.3 billion and $2.78 billion $1.6 billion to...
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