Huge bid for Far East IPO leads to ‘brutal’ allocations
Far East Hospitality Trust priced its Singapore IPO this week, raising S$626m ($501.77m) after selling shares at the top of the price range, making it the city-state's largest IPO so far this year, writes Louisa Burwood-Taylor.
The deal got such strong demand the institutional book was 30 times oversubscribed that over 35% of accounts were allocated nothing, according to a banker close to the deal.Over 200 investors came into the book with $8bn worth of orders, but with just S$250m worth of ...
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