IIF Reit closes follow-on after stock jumps during bookbuild
Industrial and Infrastructure Fund, a Japanese real estate trust, raised around ¥10.9bn ($119.9m) from a follow-on deal at the start of the week, drawing enough demand to increase the deal slightly after its stock rose by around 2.50% during
Nomura, SMBC Nikko Securities and Mitsubishi UFJ Morgan Stanley managed the deal, and convinced investors to buy units at ¥692,250 each. That offered them a discount of 2.50% to the last closing price, meaning the company pulled off the tightest discount it was hoping to.
But investors still appeared
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