BHG Retail REIT eyes Singapore's lone Mainboard IPO this year

It plans to raise $394.2m in its listing.

Is this finally the end of Mainboard’s IPO dry spell? Chinese retail giant Beijing Hualian Group (BHG) is looking to list a real estate investment trust (REIT) in Singapore, in what could be the first listing on the SGX Mainboard this year.

BHG Retail REIT is looking to issue 150.1 million shares at $0.80 per unit, valuing the IPO at $120 million.

BHG's Singapore-incorporated units, namely Beijing Hualian Group (Singapore) International Trading and Beijing Hualian Mall (Singapore) Commercial Management, will subscribe for 148.31m and 24.636m shares, respectively.

BHG Retail REIT also boasts four cornerstone investors, who will subscribe for a total of 169.651m units. These investors are China Hi-Tech Holding Company, China Life Insurance Company, China Merchants Bank Asset Management and Dr Chanchai Ruayrungruang.

In total, BHG Retail REIT aims to raise gross proceeds of $394.2m. It is estimated to have a market capitalisation of around $597.2m after its listing.