Sasseur REIT IPO oversubscribed 3.7 times

It received $41.1m for 2,832 applications of publicly offered units.

Sasseur REIT completed its initial public offering (IPO) of 266.57 million units and raised its market cap to $944.2m “with strong support from both institutional and retail investors,” it said in an announcement.

The REIT said the placement tranche was oversubscribed and drew positive demand from institutional investors. At the close of the public offer, 2,832 valid applications for an aggregate of 51,433,900 units amounting to approximately $41.1m were received, resulting in the public offer being over 3.7 times subscribed.

The REIT's shares started trading today. According to the Singapore Exchange (SGX), the listing of Sasseur REIT brings the total number of REITs and property trusts listed on SGX to 43, with a combined market capitalisation of over $93b.

Together with the commitments from the 12 cornerstone investors to subscribe for an aggregate of 228,437,500 units at the offering price of 80 cents each, a total of 495 million units were issued to raise gross proceeds of $396m. This makes it the largest IPO on Singapore Exchange Securities Trading Limited (SGX-ST) for the year-to-date.

Sasseur REIT chairman and non-executive director Xu Rongcan said, “The robust demand from both institutional and retail investors is encouraging as it is a reflection of their confidence in Sasseur REIT’s investment proposition. Sasseur REIT offers investors the opportunity to benefit from organic growth resulting from the exposure to China’s fast-growing retail outlet mall sector. Besides leveraging the Sponsor Group’s unique “Super Outlet” business model which enhances resilience to competition from online retail platforms by providing a unique lifestyle shopping experience, Sasseur REIT will also benefit from inorganic growth through the potential acquisition of two Right of First Refusal Properties and three Pipeline Properties from the Sponsor Group.”

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