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Frasers Logistics and Industrial Trust IPO over six times subscribed

Friday, June 17, 2016 - 21:37

FRASERS Logistics & Industrial Trust (FLT), which owns Australian industrial properties, has completed its initial public offering (IPO) of 521.7 million units at S$0.89 each.

Interest from institutional investors amounted to over S$2.5 billion, over six times the 436.1 million units on offer.

The 80 million units on offer to the public was 3.9 times subscribed.

Another 5.6 million reserved units were allocated.

Combined with 492.9 million units placed out to cornerstone investors, a total of 1.01 billion units were issued.

This raised about S$903 million, making it the largest real estate investment trust (Reit) IPO on the Singapore Exchange year to date.

Trading is expected to begin next Tuesday on June 21 at 9am.

Based on the offer price, FLT offers a forecast yield of 6.8 per cent this year and a projected yield of 7.3 per cent next year.

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