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Dasin Retail Trust to begin trading Friday afternoon; public offer 7.6 times subscribed

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THE public offer for Dasin Retail Trust's initial public offering (IPO) was subscribed by about 7.6 times.

THE public offer for Dasin Retail Trust's initial public offering (IPO) was subscribed by about 7.6 times.

It will start trading on the Singapore Exchange at 2pm on Friday.

The business trust, which holds three shopping malls in Guangdong province, is the first Mainboard listing on the Singapore Exchange this year.

The IPO consisted of an international placement of some 149.77 million units to investors and 2 million units to the public in Singapore. The placement tranche was over-subscribed according to the indications of interest received, it said. Meanwhile, the public offer received 734 valid acceptances for about 15.27 million units at the close of the public offer. At an IPO price of 80 Singapore cents per unit, it raised some S$121 million in gross proceeds.

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Another S$25 million was raised from 31.25 million units issued to cornerstone investors China Orient Asset Management and Haitong International Investment. These represent 5.7 per cent of the total units in issue.

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