Keppel block priced at lower end of range

Accelerated placement nevertheless allows Keppel Infrastructure Trust to secure the pricing needed to fund power plant acquisition.

Keppel Infrastructure Trust KIT raised S$525 million $393 million from an accelerated placement after Thursday's close, marking Singapore's first major straight equity deal of the year.

The transaction was effectively a re-IPO for the group, which has merged with CitySpring Infrastructure Trust and will begin trading as the combined entity on Friday. 

Pricing came towards the bottom end of the indicative range. This was not that surprising given how aggressive it was at the tight end of the range relative to the feedback the company had received during the pre-marketing process.

There were two components to the transaction. An institutional placement of...

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