Perennial calls off Singapore IPO, Mapletree readies launch

Perennial China Retail Trust has postponed its $862 million business trust IPO due to global market volatility, while bankers will start pre-marketing today of a similar-size offering for Mapletree Commercial Trust.

Perennial China Retail Trust PCRT has called off its S$1.1 billion $862 million initial public offering, citing the volatility in global markets. According to a press release issued by the Perennial group during the weekend, the trust management company and the sponsor intend to bring the Singapore deal back to market as soon as possible after taking into account feedback from investors.

The decision doesn’t seem to have deterred other listing hopefuls. In fact, sources say pre-marketing for another property-related Singapore IPO, Mapletree Commercial Trust, will start today. A real estate investment trust Reit that includes one of Singapore’s most popular shopping malls, Mapletree is expected to raise around...

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