Accordia Golf Trust units from S$0.97 each

ACCORDIA Golf Trust (AG Trust), a business trust owning golf courses in Japan, has launched its initial public offering for a Singapore listing to raise gross proceeds of up to S$782 million, the biggest IPO on the Singapore Exchange so far this year.

The trust is offering 782,025,000 new units at between S$0.97 and S$1 per unit, with the Singapore public offering taking up 41,163,000 units. The majority of the units are offered to Japanese investors "by way of public offer without listing in Japan", said the trust.

AG Trust intends to distribute 100 per cent of its distributable income to unitholders from the date of listing to March 31, 2015, and at least 90 per cent of its distributable income thereafter.