Opening of application 27/08/2012
Closing of application 04/09/2012
Balloting of applications 07/09/2012
Allotment of IPO shares to successful applicants 20/09/2012
Tentative listing date 21/09/2012
==========Initial Public Offering Of 670,000,000 New Units In IGB REIT ("Offer Units") Comprising An Offer For Sale Of:
(I) 469,000,000 Offer Units Made Available For Application By Malaysian And Foreign Institutional Investor And Selected Investors, At The Institutional Price Being The Price Per Offer Unit To Be Paid By The Investors Which Will Be Determined By Way Of Bookbuilding ("Institutional Price"); And
(ii) 201,000,000 Offer Units Made Available For Application By The Malaysian Public, The Eligible Directors And Employees Of The Manager, The Eligible Directors And Employees Of IGB Corporation Berhad ("IGB" Or "Sponsor") And Its Eligible Subsidiaries (Excluding The Manager But Including The Vendors (As Defined Herein) And The Eligible Shareholders Of The Sponsor, At The Retail Price Being The Initial Price Payable By Applicants ("Retail Price"),
Subject To The Clawback And Reallocation Provision In Connection With The Listing Of And Quotation For 3,400,000,000 New Units In IGB Reit ("Units") On The Main Market Of Bursa Malaysia Securities Berhad.
The Retail Price Is Payable In Full Upon Application And Subject To Refund Of The Difference, In The Event That The Final Retail Price Is Less Than The Retail Price. The Final Retail Price Will Be Equal To The Lower Of:
(I) The Retail Price Of Rm1.25 Per Offer Units; And
(Ii) The Institutional Price.
Source: Bursa Malaysia
The IGB REAL ESTATE INVESTMENT TRUST IPO stock name will be IGBREIT. Will post more once I get the IGB REIT research analysis and target price or fair value.
KUALA LUMPUR: IGB Real Estate Investment Trust (REIT) is offering 670 million new units under its initial offer price (IPO) at an indicative retail price of RM1.25 a unit.
According to its prospectus which was released on Bursa Malaysia on Monday, at the indicative price of RM1.25, it would be raising RM837.50mil.
Of the 670 million shares, it said that 469 million units would be offered to Malaysian and foreign institutional investors and selected investors.
Another 201 million units would be offered to the public, eligible directors and employees of the group.
It would also be subject to the clawback and reallocation provision in connection with the listing and quotation for 3.4 billion new units on the Main Market of Bursa Malaysia Securities.
Source: The Star 27/08/2012
KUALA LUMPUR, Aug 7 – Malaysia’s IGB Real Estate Investment Trust (REIT) will offer up to 670 million units in an initial public offering (IPO) that could fetch as much as RM838 million.
The flotation, expected to debut on Sept. 19, is the fourth largest initial public offer (IPO) in the Southeast Asian country this year after the planned listing of Astro All Asia Network Plc.
The IPO will provide the country’s largest REIT by asset value with more financial muscle to buy real estate in the future.
The IPO comprises 469 million units for sale to institutional and selected investors and another 201 million units to eligible directors, employees and the public, according to the draft prospectus of the offer filed yesterday.
The retail portion is priced at an indicative price of RM1.25 per share while the institutional price will be determined on Sept 4, after the bookbuilding ends. The bookbuilding process will start on Aug. 28, according to the prospectus.
Based on the retail price of RM1.25 per share, post-IPO IGB Reit would have a market capitalisation of RM4.25 billion, the largest in Malaysia ahead of Pavilion Real Estate Investment Trust.
IGB REIT, a unit of Malaysian property firm IGB Corp Bhd , has hired CIMB Investment Bank and Hong Leong Investment Bank as the joint principal advisers and joint managing underwriters for the IPO.
CIMB, Credit Suisse and Hong Leong are the joint global coordinators, while CIMB, Citigroup, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, Hong Leong, HSBC, JP Morgan and Maybank are the joint book runners. Joint underwriters are AmInvestment, CIMB, Hong Leong and Maybank.
In addition to IGB REIT’s listing for the remaining part of the year, Malaysia’s second richest man Ananda Krishnan also plans to re-list his pay-TV firm Astro in a deal that could fetch as much as US$1.5 billion (RM4.65 billion). – Reuters
Source: Malaysia Insider (outdated news 7 August 2012 for info)
For information on IGB REIT target price.
For more information on Astro IPO, here
For more information on other recent IPO, here
For more information on other IGB REIT IPO, here
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