Perennial gets restructured IPO across the line

Perennial China Retail Trust, which focuses on the development and operation of shopping malls in China, raises $627 million from Singapore offering.

Perennial China Retail Trust PCRT has raised S$776 million $627 million from its initial public offering, including S$20 million that it got from selling units to its ultimate sponsor, Singapore retail real estate veteran Pua Seck Guan. The trust will start trading in Singapore on June 9.

PCRT, which is structured as a business trust, focuses on the development and operation of retail malls in China, Hong Kong and Macau. It initially sought to complete a S$1.1 billion $862 million IPO in March, but that deal was called off before pricing due to the volatility in global markets. Investors also had a number of concerns related to the structure...

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