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.