SPH Reit to kick off Singapore IPO of up to $393 million today

The retail-focused trust, which is sponsored by Singapore Press Holdings, decides to go ahead after signing up five cornerstones and enough anchor demand to cover the entire base deal.
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Paragon Mall on Singapore's Orchard Road
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<div style="text-align: left;"> Paragon Mall on Singapore's Orchard Road </div>

SPH Reit, the real estate investment trust that is sponsored by Singapore Press Holdings, has decided to go ahead and launch the institutional bookbuilding for its Singapore initial public offering today. The issuer had initially been expected to kick off the roadshow on June 20, but chose to hold off on the deal after it finished pre-marketing due to the volatile market environment.

The Singapore Strait Times index STI is still down 1.1% since then, but regional markets have stabilised somewhat during the past two weeks and yesterday, the STI closed 3.4% above its June 24 low.

SPH Reit is seeking to raise between S$475.9 million and...

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