(Bloomberg) -- Singapore real estate investment trusts are on a money-raising spree.
Lendlease Global Commercial REIT began taking investor orders on Tuesday for an initial public offering that could raise as much as S$740.3 million ($538 million) in what would be Singapore's third-largest IPO this year.
REITs have raised $1.63 billion in Singapore IPOs so far this year, the highest since 2013 when first-time share sales by the sector fetched $2.18 billion, according to data compiled by Bloomberg. REITs also account for the bulk of all IPOs that have taken place in Singapore in 2019, representing 97% of all fundraising, the data show.
Trusts have been taking advantage of high stock prices to conduct IPOs and additional share sales, while investors are shopping for yield in a low interest rate environment.
The FTSE Straits Times Real Estate Investment Trust Index has risen 17.9% this year and is trading close to a one-year high, making it a good time to sell equity.
The largest REIT IPO in Singapore this year was the $612 million listing by Prime U.S. REIT, followed by Eagle Hospitality Trust's $451 million offering.
UPCOMING LISTINGS:
- Budweiser Brewing Company APAC Ltd.
- Hong Kong exchange
- Size up to $4.85b
- Launching as soon as Wednesday
- JPMorgan, Morgan Stanley
- Shanghai Henlius Biotech
- Hong Kong exchange
- Size up to $477m
- Pricing Sept. 18
- BofA Merrill Lynch, CICC, Citi, CMBI, Fosun Hani
- Jiangsu Cnano Technology
- Shanghai Star board
- Size $138m
- Taking orders Sept. 16; listing date TBA
- Minsheng Sec.
- Topsports International Holdings
- Hong Kong exchange
- Premarketing started Sept. 9
- Size about $1b
- Bank of America, Morgan Stanley
- Lendlease Global Commercial REIT
- Singapore exchange
- Taking orders from Sept. 17
- Expected listing Oct. 2
- As much as S$740.3m
- DBS, Citi
- Asset World
- Thailand exchange
- Price: 6 baht
- Size up to $1.6b
- Property arm of billionaire Charoen Sirivadhanabhakdi
- Listing date: Oct. 10
- BofA Merrill Lynch, Morgan Stanley, UBS, Phatra Securities, Bualuang Securities, Kasikom Securities, SCB Securities
- Home Credit
- Hong Kong exchange
- Premarketing started Sept. 2
- Citi, HSBC, Morgan Stanley
- AllHome (home-furnishing retailer)
- Philippines stock exchange
- Size up to $347m
- Opened books Sept. 13
- Pricing Sept. 26
- Listing Oct. 10
- Owned by billionaire Manuel Villar
- Anheuser-Busch InBev NV revived the Hong Kong initial public offering of its Asian unit and is set to raise as much as HK$37.9 billion ($4.85 billion), roughly half of an earlier target, people with knowledge of the matter said
- Keppel DC REITexpects gross proceeds of about S$478.2m from equity fund raising
- Shanghai Henlius Biotech Inc. is guiding potential investors that it could price its $477 million Hong Kong initial public offering toward the low end of a marketed range, according to a message communicated to fund managers
- Telefast Indonesia jumps 70% on debut on Jakarta Stock Exchange
- Asia ECM Weekly Agenda
- IPO data
- U.S. ECM Watch
- EU ECM Watch
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SEE ALSO
--With assistance from Zhen Hao Toh.
To contact the reporter on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Teo Chian Wei
©2019 Bloomberg L.P.
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