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Manulife US Reit ends debut 4.8% below IPO price

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Published Fri, May 20, 2016 · 09:50 PM

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    First-day blues

    Singapore

    SHARES of Manulife US Real Estate Investment Trust (Reit) traded below water on the stock's debut on Friday amid higher expectations of a US interest rate hike in June.

    The counter closed at 79 US cents on Friday, or about 4.8 per cent below its initial public offering (IPO) price of 83 US cents. The US office property Reit was under water the entire day, after opening at 82 US cents. Stabilising manager Credit Suisse bought 12.15 million units between 77.5 and 82 US cents. Total volume for the day was 42.7 million units.

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