A China-focused business trust managed by former CapitaLand (CATL.SI) shopping mall chief Pua Seck Guan is relaunching its Singapore IPO but will scale back the size to $840 million from $1.1 billion.
Perennial China Retail Trust, which owns shopping mall assets in China, joins Mapletree Commercial Trust in relaunching initial public offerings in Singapore after postponing them last month due to volatile equity markets, indicating that investor confidence may be returning.
Perennial China Retail Trust, which owns shopping mall assets in China, joins Mapletree Commercial Trust in relaunching initial public offerings in Singapore after postponing them last month due to volatile equity markets, indicating that investor confidence may be returning.
Mapletree Commercial Trust, managed by Singapore state investor Temasek’s (TEM.UL) property arm, is set to raise as much as $924 million from its offering.
Perennial China is offering 1.1 billion units, according to an email seen by Reuters on Thursday. The revised offering is below the $1.1 billion that Perennial wanted to raise previously.
Roadshow and bookbuilding for Perennial China’s IPO will begin on April 26 and the trust is expected to debut on the Singapore exchange on May 12, according to a term sheet seen by Reuters.
In its earlier prospectus lodged with MAS, Perennial China said it will have stakes in five properties, three of them in the northeastern Chinese city of Shenyang.
Only one of the five properties, the Shenyang Red Star Macalline Furniture Mall, is completed, while another mall is scheduled to start operations in the second quarter of this year.
Perennial China offers “a pure-play exposure in the high retail sales growth in the People’s Republic of China,” the trust said in its earlier prospectus.
The IPO is being managed by Citigroup (C.N), DBS (DBSM.SI), Goldman Sachs (GS.N) and Standard Chartered (STAN.L), according to the e-mail.
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