Thursday, May 9, 2013

Croesus Retail Trust IPO Ballot Results

Previous post: [Update to Croesus Retail Trust IPO]

Ballot Results of the Croesus Retail Trust IPO are out as of 9 May 2013 and can summarised as follow
  • 229 million shares for placement and public tranche
    • 207.6 million shares for placement tranche
    • 21.5 million shares for public tranche
  • 22.4x oversubcribed in total
    • 48.8x subscribed for placement tranche shares
    • 19.7x over subscribed for the public tranche shares
  • Shares at S$0.93 each
  • Expect 8% yield for the first year; Expect 8.1% yield for the next.
Shares will commence trading on a "ready" basis at 2pm on Friday, 10 May 2013!



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The big question is how will it fair on debut and thereafter?

My Commentary on Croesus Retail Trust IPO dated 5 May 2013
Blog post here - Wrong Gears for the Wrong Crowd? - Croesus Retail Trust

Current IPO market conditions
Here's a quick review of the recently listed IPOs and their performances. More data for the full 2012 to 2013 here at SG IPO Statistics page.



In fact, only Logistics Holdings IPO has taken a beating, closing below IPO offer and first day last done prices (-9% and -21% respectively). The other notable counter is Geo Energy Group that is a +32% from IPO offer price but -1% from first day last done price.

Statistically, it means that out of the last 12 IPOs, even if you bought at first day close (the irrational exuberance phase, or in layman 'the pop') you would have made a profit of at least 2% (GDS Global IPO)! If you had obtained the IPO on offer price, you could have made up to 70% by just holding the stock from offer price to date (Gaylin Holdings). In addition, the figures quoted here are unadjusted for dividends that had been paid out by these counters along the year.

Current REITs/Trusts IPO market conditions
If you refer to the table above, the yellow highlighted text pretty much sums up the whole IPO + REITs/Trusts story. Any of these 4 REITs/Trusts would have yielded a good +10% on capital whichever way you look at it, plus more from the dividends that they have been paying out. 

Year 2012/13 IPO Demand Statistics
For the more demanding investor, to have a greater feel of the local demand for IPOs, do check out my compiled "IPO SG Statistics" page for more details!



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1 comment:

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