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IPO Monitor for the week ending May 4

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IPO Monitor for the week ending May 4

Editor's note: The IPO Monitoris a feature that tracks international real estate companies debuting on the exchanges.

China

,which is considering aprivatization and delisting on The Stock Exchange of Hong Kong Ltd., is mullinga backdoor listing onthe Shanghai bourse, Reuters reported, citing two people with knowledge of the matter.

The developermay acquire a shell company to tap the listing market in Shanghai if it does notland regulatory approval to launch an IPO on the Shanghai stock exchange, accordingto one of the people.

DalianWanda Commercial could also opt for the acquisition of a shell company if the IPOapplication process takes a long time, according to the other person.

The companyhopes to receive 20x earnings from Chinese investors if its shares are listed onthe mainland, which is much higher than the current Hong Kong market valuation of5.8x earnings over the last 12 months, as reported earlier.

Singapore

has officiallyrevived its listing planfor Manulife US Real Estate Investment Trust in Singapore, as Manulife US Real Estate Management Pte. Ltd has filed anamended prospectus for the IPO.

The managerexpects to raise gross proceeds of between US$512.9 million and US$519.2 millionfrom the public offering and the issuance of sponsor and cornerstone units. ManulifeUS REIT intends to use the proceeds for working capital among other purposes.

The newREIT plans to offer 396,569,300 units, subject to an overallotment option, to thepublic and institutional investors at an offering price between 82 cents and 83cents. It will have a total capitalization between US$808.9 million and around US$815.2million, based on its minimum and maximum offering price, respectively.

The REITtouts itself as the "first pure-play U.S. office REIT to be listed in Asia,"and its initial portfolio will have an aggregate net lettable area of 1,779,748square feet.

DBS BankLtd. is the sole financial adviser and issue manager for the IPO. DBS Bank Ltd.China International Capital Corp. (Singapore) Pte. Ltd., Credit Suisse (Singapore)Ltd. and Deutsche Bank AG Singapore Branch are the joint book runners and underwritersfor the offering.

Turkey

TurkishREIT Via GYO is offering 25% of its 90 million shares to domestic investors at a40% discount to the company's NAV of 3.3 billion Turkish liras minus its debt, therebylimiting its IPO to localinvestors, Bloomberg News reported,citing Chairman Coskun Bayraktar.

The movecomes after international buyers demanded a higher number of securities than whatthe company was offering at a discount.

The IPOis expected to generate 306 million liras, and May 11 is the first day of trading,the chairman said. Finans Yatirim Menkul Degerler AS is serving as the IPO adviser.

South Korea

YongpyongResort plans to be thefirst local resort in South Korea to launch an IPO to raise 135.4 billion SouthKorean won.

The companyplans to issue 16.7 million common shares for the listing, which is expected tooccur on May 17. It intends to use the proceeds to fund real estate developmentplans and repay debt that it owes to Korea Development Bank, or KDB.

The projectsinclude a condominium building, planned apartments serving athletes at the 2018PyeongChang Winter Olympics and a budget hotel. The resort company has 10 billionwon of debt owed to KDB. It used the money to fund tourism development projects.

YongpyongResort has 4,300 acres of leisure space featuring a 45-hole golf course, 31 skislopes, premium hotels and European-style condominiums, among other amenities, accordingto its website.

MiraeAsset Daewoo Securities and Daishin Securities are the IPO's underwriters. Retailinvestors will be eligible to subscribe around 20% of the stock offering at an estimated8,000 won per share, while the underwriters will offer the remainder to institutionalinvestors.

Malaysia

'sEco World International could rope in GuocoLandLtd. as an anchor investorfor its planned IPO, accordingto a report from The (Malaysia) Star.

Accordingto sources, Guocoland and other large institutional investors are looking to snapup "big blocks" of Eco World International shares ahead of its proposed2 billion Malaysian ringgit IPO, the news outlet said.

Eco WorldInternational intends to use the proceeds from the IPO to fund its projects in theU.K. and Australia, and to repay existing debt.

The parentgroup will hold a 30% stake in the vehicle following its listing on the Malaysian bourse, as reported earlier.