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Thursday November 24, 2011

Pavilion REIT IPO oversubscribed

PETALING JAYA: The retail offering of Pavilion Real Estate Investment Trust’s (REIT) initial public offering (IPO) has been oversubscribed by 7.5 times. Total demand for its institutional book, excluding allocation for cornerstone investors, was oversubscribed by about 28 times.

The price for institutional investors was fixed at 90 sen per unit, while the final retail price is 88 sen. The IPO is expected to raise RM710mil.

En route to a listing on Dec 7, Pavilion REIT is issuing 790 million new shares or 26.3% of its total issued units upon listing. This comprises 755 million shares offered to institutional investors, and the rest came under the retail offering.

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