The Overseas Union Enterprises (OUE) accumulated US $476 million (SGD 600 million) during an initial public offering in Singapore of the company's hospitality and retail assets.
People who have knowledge of the deal said that OUE Hospitality Trust (OUEHT) put up for sale 681.8 million units for 88 Singaporean cents. The IPO prospectus also showed that the units were offered between SGD 88 cents to SGD 90 cents.
This deal followed the IPO of retail assets held by Singapore Press Holdings Ltd. (SPH) on Wednesday. The transaction was able to raise SGD 504 million after costing at the top of the targeted range.
Bloomberg reported that business trusts and real estate investment trusts were the largest fund contributors in the initial public offering market of Singapore during the past year. It has raised US $4.16 billion of the stocks priced at US $6.2 billion.
OUE declined to comment over this transaction.
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