Sunday, August 26, 2012

Far east hospitality trust ipo stock prices

Far east hospitality trust ipo stock prices, Far east hospitality trust ipo prospectus, Far East Hospitality Trust plans to list on Aug. 27 2012, Far east hospitality trust ipo 8/27/2012, Far east hospitality trust ipo forecast : Far East Organization, the Singapore property developer owned by the billionaire Ng family, is planning to raise US$526 million in the city-state's biggest initial public offering this year after pricing the sale of its hospitality trust at the top of an indicative range.

Singapore's largest privately held developer by assets has priced the sale of Far East Hospitality Trust at S$0.93 per stapled security, according to people familiar with the transaction, ahead of its Aug. 27 listing.

Far East Hospitality is selling 705.7 million stapled securities--a combination of a REIT unit and a business trust unit--in the IPO, which began order-taking for institutional earlier this month. The public offer opens Friday.

Far East Hospitality's IPO will raise 656 million Singapore dollars (US$526 million). If an overallotment option of 65.9 million securities is exercised, the offer would raise S$717.6 million.

The IPO, if successful, will be the biggest in Singapore so far this year. The top-end pricing comes at a challenging time for equities markets as investor demand for fund raising by companies is on the wane due to worries about the health of the global economy.

The Asia-Pacific region has witnessed a lull in the IPO market in recent months apart from Malaysia, home to the world's second and third largest IPOs this year after Facebook Inc.'s US$16 billion deal.

Malaysia bucked the trend as state run Felda Global Ventures Holdings Bhd. (5222.KU) raised US$3.3 billion in June through an IPO that was subscribed many times over. Last month, Malaysia's sovereign wealth fund Khazanah Nasional Bhd.-backed IHH Healthcare Bhd. (5225.KU, Q0F.SG) raised US$2.0 billion in the world's third-largest initial public offering so far this year.

However, other planned offerings, such as that by motor sport franchise Formula One Group's US$2.5 billion Singapore IPO, have been delayed, while United Kingdom-based Graff Diamond Corp. scrapped its US$1 billion sale in Hong Kong due to volatile markets.

Far East Hospitality Trust is expected to register its final prospectus with the Singapore central bank this week, a process that opens the offer for retail investors. Far East Organization--which is run by brothers Robert and Philip Ng, the sons of late property tycoon Ng Teng Fong and one of Singapore's richest families, according to Forbes Magazine--is currently restructuring its hospitality and health-care businesses. The IPO of the trust is part of that, the people familiar with the transaction said.

Far East Hospitality will hold seven hotels and four serviced residences in Singapore in its initial portfolio, including Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences.

DBS Group Holdings, Goldman Sachs Group Inc. and HSBC Holdings PLC are handling the offering.

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