Ryobi Kiso - unsuccessful
Finally this time, Cache - successful (albeit only allotted 1 lot) =D
Yeah! Hope it has a solid debut on 12 April, Monday!
Cache IPO 7.8 times subscribed
CACHE Logistics Trust’s initial public offering (IPO) of 474.1 million units was about 7.8 times subscribed, drawing support from major institutional investors from Asia, Europe, the Middle East and Australia.
Other institutional investors who were allocated units under the placement tranche include DBS Asset Management Ltd and Fullerton Fund Management Company Ltd.
Trading in the counter on the Singapore Exchange is expected to begin at 2pm today.
At the offer price of 88 cents per unit, gross proceeds of $417.2 million have been raised.
The trust will be managed by ARA-CWT Trust Management (Cache) Limited, a 60:40 JV between ARA Asset Management and CWT Limited. CWT is also the Reit’s sponsor.
The offering comprised an international placement of about 433.1 million units, as well as 41 million units to the public in Singapore of which 14 million units were reserved for subscription by the directors, management, employees and business associates of CWT, ARA and their subsidiaries.
The real estate investment trust (Reit) will hold an initial portfolio of six properties in Singapore with a total gross floor area (GFA) of 3.9 million square feet.
The Reit will focus on expanding locally in the near term before looking at acquisitions in foreign markets such as Greater China and Malaysia.
Some of the principal unitholders of Cache include CWT (12.2 per cent), ARA, C&P Holdings, and cornerstone investors JF Asset Management Ltd and Morgan Stanley Investment Management Company.
Cache Logistics Trust rose 8.5% on trading debut
By Jo-Ann Huang | Posted: 12 April 2010 2301 hrs
SINGAPORE: Cache Logistics Trust (CLT), the first pure logistics real estate investment trust (Reit) to be launched in 2.5 years, had a bright debut in the Singapore Exchange (SGX) on Monday.
The counter ended its first trading day at 95.5 cents up 8.5 per cent from its offer price of 88 cents.
The stock also hit as high as 99.5 cents during intra-day trading before some profit taking activity pared off part of its gains.
It was also the most actively traded counter in SGX with 149.4 million units changing hands valued at S$144.8 million.
The Reit is jointly managed by CWT-ARA Asset Management and currently has six properties with a total gross floor area of 3.9 million square feet in its portfolio.
Brokerage firms CIMB and DMG have issued upbeat reports on the Reit as well.
CIMB has an "outperform" rating with a target price of S$1.23 supported by potential acquisitions worth S$220 million.
Meanwhile, DMG has a "buy" rating with a target price of between 96 cents and S$1.09.
Citing the properties proximity to established logistics clusters such as Changi Airport, PSA Terminal and Jurong Port, the DMG analysts reiterated that the assets currently enjoy a higher than average occupancy rate of 94.1 per cent compared to the industrial average of 90 per cent. - CNA/vm
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