Far East brightens up ECM with IPO launch
Far East Hospitality Trust has launched a Singapore IPO in an effort to raise up to S$626m ($501.77m), offering ECM bankers a bit of activity over what is expected to be a slow few weeks. The trust has already got demand to cover around half of the book from cornerstone accounts.
A strong cornerstone tranche has become an essential part of Asian equity deals this year, but bankers close to the deal are confident the real estate investment trust will appeal to a broad range of investors too.
This is clearly a strong story or we would not be launching
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