Business | Markets

Developer Far East’s IPO raises $526m

Hotel trust plans to sell 705.7 million securities at 93 Singapore cents apiece

  • Bloomberg
  • Published: 14:41 August 15, 2012
  • Gulf News

Singapore: Far East Organization, Singapore’s biggest closely held developer, raised S$656.3 million ($526 million) in an initial public offering of a hotel trust, three people with knowledge of the matter said.

Far East Hospitality Trust plans to sell 705.7 million stapled securities at 93 Singapore cents apiece, the top end of a marketed range, the people said, asking not to be named as the information is private. The units were offered at 86 cents to 93 cents, according to a prospectus filed with the Monetary Authority of Singapore this month.

The IPO is the biggest this year in Singapore, where $785 million has been raised in such sales so far in 2012 compared with $7 billion in the first seven months of 2011, according to data compiled by Bloomberg. Ascendas Hospitality Trust started trading in the city last month after raising S$459 million.

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