Previous post: [Largest IPO in 2 Years Goes Live on 7 March - Mapletree Greater China Commercial Trust]
Balloting Results of the Mapletree Greater China Commerical Trust (MGCCT) IPO are out as of 6 March 2013 and can summarised as follow
- 2,662 billion shares underwritten for listing
- 776.6 million shares for public and placement tranche
- 511.3 million shares for placement tranche
- 215 + 50(reserved units that will be released) million shares for public tranche
- 29.5x oversubcribed in total
- 38.1x subscribed for placement tranche shares
- 8.9x over subscribed for the public tranche shares
- Shares at S$0.93 each
- Expected 5.6% yield for the year ending March 2014; Expected 6.1% yield for the year ending March 2015.
Shares will commence trading on a "ready" basis at 2pm on Thursday, 7 March 2013. Total of 2.66 billion shares listing tomorrow. Official SGX announcement here.
Tomorrow is listing day for this mammoth trust that has really ignited the IPO demand in the SGX. The biggest question that we wish to know is how will it fair?
Current REIT market conditions
REITs are clearly the outright winning category of 2012 as investors flocked to yield havens, resulting in a yield compression that we see today. Even so, REITs have still enjoyed considerable upside to the start of 2013. Mapletree brand name REITs have also done well in the current market conditions, surging even further in the last 2 days upon the announcement of listing of this REIT.
- Mapletree Commercial (listed 2011) - $1.445 15 Feb closing price compared to IPO offer of $0.88
- Mapletree Industrial (listed 2010) - $1.390 15 Feb closing price compared to IPO offer of $0.93
- Mapletree Logistics (listed 2005) - $1.240 15 Feb closing price compared to IPO offer of $0.68
Healthytrading Commentary on MGCCT IPO dated 27 Feb 2013
Blog post here - "Largest IPO in 2 Years Goes Live on 7 March - Mapletree Greater China Commercial Trust"
Year 2012 IPO Demand Statistics
To have a feel of the local demand for IPOs, do check out my compiled "IPO SG Statistics" page for a good detailed but yet bite-sized organisation of the statistics.
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