Strong demand for Frasers Hospitality IPO

Singaporean Reit sector displays improved momentum as Frasers Hospitality Trust attracts strong demand.
The Westin hotel, Kuala Lumpur, owned by Frasers
The Westin hotel, Kuala Lumpur, owned by Frasers

Frasers Hospitality Trust cleared the first leg of its S$367.9 million US$296 million initial public offering on Monday, paving the way for the listing of Singapore's first real estate investment trust in almost six months and boding well for other property-backed deals in the pipeline.

An institutional tranche, comprising 136.64 million stapled share units, closed 21 times oversubscribed according to one banker. About 55 accounts were allocated stock with a strong tilt towards the top 12 accounts, which took between S$5 million and S$10 million apiece. 

A group of cornerstone investors were also allocated 232.95 million of Frasers Hospitality's stapled share units but with...

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