Soilbuild squeezes in S$457m IPO ahead of Singapore close

By Lorraine Cushnie
08 Aug 2013

Soilbuild Business Space Reit managed to price its S$457m ($360m) IPO on August 7, just ahead of markets closing for Singapore national holidays on Thursday and Friday. At S$0.78, pricing was toward the bottom of the range despite a well covered book, but this gave investors some compensation after the discount to comparables had narrowed as stocks fell.

Soilbuild had launched the deal with a price range of S$0.77-S$0.80, which gave a forecast dividend yield of 7.5% to 7.8%. The dividend is still a healthy 7.7% at the final price, but with yields of comparables widening since the deal was launched, the discount is no longer ...

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