FLT prices IPO at top of range at S$0.89 per unit

Singapore

FRASERS Logistics & Industrial Trust (FLT) is set to raise around S$464.4 million from an initial public offering (IPO) of 521.75 million units, after pricing at the top of the range at S$0.89 per unit following strong demand for its placement tranche.

The pure-play Australia landlord, which lodged its prospectus on Friday, aims to rake in about S$1.27 billion altogether in gross proceeds after also issuing units to its sponsor Frasers Centrepoint Limited (FCL); FCL's parent TCC Group; and 15 cornerstone investors including BlackRock, NTUC Income and Singapore-listed retailer Metro Holdings, making it the biggest public floats on the Singapore Exchange so far this year.