more-property-ipos-suffer-from-weak-markets

More property IPOs suffer from weak markets

China-based Yanlord trims deal size by 29% and sets price at bottom, while Cambridge Industrial Trust cancels its equity offer as bookbuilding fails to drum up enough demand.
Two more property sector IPOs were overcome by the volatile market environment yesterday, with Yanlord Land Group forced to cut the number of shares on offer by 29% and Cambridge Industrial Trust pulling its deal altogether. Both listing candidates had already completed their bookbuilding.

Before the downsizing, Yanlord was aiming to raise up to $270 million by selling 20% of the company in an offer arranged by CLSA and HL Bank.

Cambridge, a Singapore-based real estate investment trust which is backed by a group of 17 property owners and focuses on industrial and warehousing properties, targeted total proceeds of S$290.2 million $180 million from the sale of 68.8% of its total units. CLSA acted...
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