Wednesday 12 September 2012

No luck on IGB REIT

So sad not able to get single unit of IGB REIT. Will try to buy when it listed. But wondering what is the best price to go in? Some experts said below RM1.30 is still good entry point. What do you think?

Wednesday 5 September 2012

IGB REIT priced at RM1.25 per unit to institutional investors



KUALA LUMPUR: Malaysia's IGB Real Estate Investment Trust has priced its initial public offering to institutional investors at the top of an indicative range, sources with direct knowledge of the deal told Reuters on Thursday.

The IGB REIT priced the IPO at RM1.25 per unit, at the top of the RM1.15 to RM1.25 range set for the tranche focused on large investors such as pension and mutual funds, said the sources, who declined to be identified as they were not authorized to speak publicly on the matter.

The company benefited from booming demand for the deal, Malaysia's fourth-largest IPO this year, with the offering covered "multiple times", sources have previously said.- Reuters

Sunday 2 September 2012

Oversubscribed Institution IGB REIT IPO


KUALA LUMPUR: The institutional tranche of Malaysia's IGB Real Estate Investment Trust's US$266mil listing is already oversubscribed, said two sources with direct knowledge of the matter, signaling strong demand for the deal.
The deal is set to be Malaysia's fourth largest IPO this year and the REIT may become its largest REIT with a possible market value of up to RM4.25bil (US$1.4bil), topping Pavilion Real Estate Investment Trust's RM4.05bil ringgit.

The IGB REIT offered 469 million shares, or 70%, of its 670 million IPO shares to institutions at a price range of RM1.15 to RM1.25 per unit.

The sources said the offer had been covered "multiple times".

"Most is covered at the top range," said one of the sources, who declined to be identified as the matter is not meant to be public.

A second source added that the subscriptions were evenly split between foreign and local investors.

The offer, which opened on Aug. 28, will close on Sept 6. The retail portion, offered at a maximum price of RM1.25 per unit, closes on Tuesday, according to a term sheet seen earlier by Reuters.

The property trust, which owns two Kuala Lumpur shopping malls -- the Mid Valley Megamall and the Gardens Mall -- hired CIMB Investment Bank and Hong Leong Investment Bank as the principal advisers and joint managing underwriters for the IPO.

CIMB, Credit Suisse and Hong Leong are the joint global coordinators. CIMB, Citigroup, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, Hong Leong, HSBC, JP Morgan and Maybank are the joint book runners.

The joint underwriters are AmInvestment, CIMB, Hong Leong and Maybank. - Reuters