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Oversubscription prompts Ascendas India to upsize S$100M placement of new units

Ascendas India Trust's planned private placement of new units was 2x oversubscribed at closing Feb. 6.

Because of the oversubscriptions, the units allotted for the offering were increased to 97,371,000 from the initial 73,029,000 offer size. Each unit in the offering was priced at S$1.027, representing a 7.0% discount to the S$1.1041 adjusted volume-weighted average price per unit of the trust as of Feb. 5.

The Singapore-listed trust is aiming to raise approximately S$100.0 million in gross proceeds from the private placement, according to a release.

Ascendas India said about S$84.0 million of the targeted amount will be used to repay the bridge loan that it secured for its 5.34 billion-Indian-rupee acquisition of six warehouses in the Mumbai-adjacent Indian city of Panvel, about S$14.8 million will go toward the partial repayment of its existing debt and the estimated S$1.2 million that will remain will be used to cover the fees and expenses generated by the offering.

Trading of the new units on the Singapore stock exchange is expected to commence Feb. 14 at 9 a.m. local time.

Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd. are the joint book runners and underwriters of the proposed issuance.

As of Feb. 5, US$1 was equivalent to 64.06 Indian rupees and S$1.32.