- Joined
- Oct 22, 2008
- Messages
- 4,050
- Points
- 113
CapitaMalls Asia eyes $2 bln in Singapore IPO
<cite>Reuters - <abbr class="timedate" title="Monday, November 2">Monday, November 2
</abbr></cite>
By Saeed Azhar
SINGAPORE, Nov 2 - CapitaMalls Asia, a unit of Singapore's CapitaLand <CATL.SI>, has set an indicative price range for its listing that could raise as much as $2 billion, according to an email sent to potential investors.
CapitaLand, Southeast Asia's biggest property developer, will float 30 percent stake in its mall unit, which has 86 retail properties valued at around S$20.3 billion ($14.5 billion) in Singapore, China, Malaysia, Japan and India.
The listing comes after recent Asia-Pacific IPOs have met with cool response from investors on their debuts.
Shares in department store chain Myer Holdings Ltd <MYR.AX> tumbled as much as 8 percent on their debut in its $2 billion float, Australia's biggest in two years, a disappointing signal for other retailers with IPOs waiting in the wings. [nSYD480486]
"Our strong financial position and capital structure will provide us with the financial flexibility to fund our growth and expansion," the CapitaMalls prospectus, filed on Monday, said.
"These opportunities include acquisitions of land for greenfield projects, brownfield projects and completed malls, asset enhancement initiatives and other merger and acquisition opportunities in Asia."
A separate email sent to potential investors and seen by Reuters said management roadshows are planned between Nov 3 and Nov 16 and pricing for the international tranche of the offering is due on Nov 16.
The Singapore public offer period is between Nov 18 and Nov 23. Listing will likely take place on Nov 25, the email said.
JPMorgan <JPM.N> is the sole financial adviser, and issue manager with DBS <DBSM.SI>. The two banks are also bookrunners with Deutsche Bank <DBKGn.DE> and Credit Suisse <CSGN.VX>, according to the prospectus.
Shares of CapitaLand were down 0.7 percent at 0427 GMT. (Additional reporting by Kennix Chim in Hong Kong; Editing by Lincoln Feast)
<cite>Reuters - <abbr class="timedate" title="Monday, November 2">Monday, November 2
</abbr></cite>
By Saeed Azhar
SINGAPORE, Nov 2 - CapitaMalls Asia, a unit of Singapore's CapitaLand <CATL.SI>, has set an indicative price range for its listing that could raise as much as $2 billion, according to an email sent to potential investors.
CapitaLand, Southeast Asia's biggest property developer, will float 30 percent stake in its mall unit, which has 86 retail properties valued at around S$20.3 billion ($14.5 billion) in Singapore, China, Malaysia, Japan and India.
The listing comes after recent Asia-Pacific IPOs have met with cool response from investors on their debuts.
Shares in department store chain Myer Holdings Ltd <MYR.AX> tumbled as much as 8 percent on their debut in its $2 billion float, Australia's biggest in two years, a disappointing signal for other retailers with IPOs waiting in the wings. [nSYD480486]
"Our strong financial position and capital structure will provide us with the financial flexibility to fund our growth and expansion," the CapitaMalls prospectus, filed on Monday, said.
"These opportunities include acquisitions of land for greenfield projects, brownfield projects and completed malls, asset enhancement initiatives and other merger and acquisition opportunities in Asia."
A separate email sent to potential investors and seen by Reuters said management roadshows are planned between Nov 3 and Nov 16 and pricing for the international tranche of the offering is due on Nov 16.
The Singapore public offer period is between Nov 18 and Nov 23. Listing will likely take place on Nov 25, the email said.
JPMorgan <JPM.N> is the sole financial adviser, and issue manager with DBS <DBSM.SI>. The two banks are also bookrunners with Deutsche Bank <DBKGn.DE> and Credit Suisse <CSGN.VX>, according to the prospectus.
Shares of CapitaLand were down 0.7 percent at 0427 GMT. (Additional reporting by Kennix Chim in Hong Kong; Editing by Lincoln Feast)
