It’s the mainboard’s largest IPO so far this year.
Accordia Golf Trust, Singapore’s first business trust with golf course assets in Japan to be listed on the Singapore Exchange Securities Trading Limited, has completed its Singapore IPO priced at $0.97 per unit.
Total gross proceeds of approximately S$758.6 million will be raised from the IPO, making the Offering of AG Trust the largest IPO on the SGX-ST this year to-date.
At the close of the Singapore Public Offering at 4.00 p.m.
on 24 July 2014, 1,246 applications for an aggregate of 29,275,000 Units were received for the Singapore Public Offering.
A total of 28,839,000 Units were allocated to all applicants who have submitted valid applications for the Units under the Singapore Public Offering.
This translates to the Singapore Public Offering being approximately 0.7 times subscribed.
According to a release by AG Trust, “Based on S$0.97 per Unit, AG Trust’s Unitholders can expect to receive an annual distribution yield of 9.1% for the Forecast Year 2015 or normalised distribution yield of 7.0% for the Forecast Year 2015.”
Here’s more from AG Trust:
Separate from the Offering, the Sponsor will receive an aggregate of 317,096,999 Units, as part settlement of the consideration for the acquisition of AG Trust’s initial portfolio.
This is equivalent to an aggregate of 28.85% of the Units upon listing of AG Trust.
The total number of outstanding Units immediately after the completion of the Offering will be 1,099,122,000 Units. Based on the Offering Price of S$0.97 per Unit, the market capitalisation of AG Trust is S$1,066,148,340.
Listing and trading of the Units on the Main Board of the “SGX-ST” is expected to commence at 2.00 p.m.
on Friday, 1 August 2014.