Frasers Hospitality Trust IPO could raise up to US$358m: sources
[SINGAPORE] Thai billionaire Charoen Sirivadhanabhakdi's Singapore real estate company Frasers Centrepoint Ltd (FCL) could raise as much as US$358 million by listing a hospitality industry trust business in the Republic, two people with direct knowledge of the matter said.
The deal size is slightly below an earlier estimate for the initial public offering, made before Frasers Hospitality Trust (FHT) began pre-marketing last week. The trust comprises six serviced residences controlled by FCL and six hotels such as Singapore's InterContinental Hotel, owned by Mr Charoen's TCC group.
FCL indicated to investors the newly listed firm will have a market capitalisation of between S$1.02 billion and S$1.12 billion, one of the people told Reuters. The parent plans to sell a 30 per cent to 40 per cent stake in FHT to investors, raising up to S$448 million, both people said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance