Ready, set, go: Frasers Hospitality Trust IPO opens today

$2.5b indications of interest received to date.

Frasers Hospitality Trust’s highly anticipated IPO has garnered indications of interest valued at $2.5b, the company announced today. FHT’s IPO is finally set to open today, after the company lodged its final prospectus with the MAS yesterday.

According to FHT, the Public Offer opens at 9.00 a.m. on Tuesday, July 1 and will close at 12.00 p.m. on Thursday, July 10.

The release further noted that the Stapled Securities are expected to commence trading on the SGX-ST at 2.00 p.m. on Monday, 14 July 2014.

According to FHT, “Comprising 12 assets in its Initial Portfolio, FHT will be the first hotel and serviced residence stapled group with a global mandate to be listed on the SGX-ST. FHT offers investors an opportunity to invest in a geographically diversified and balanced portfolio of quality assets worldwide to take advantage of favourable hospitality sector fundamentals of the key gateway cities in which the assets are located.”

Here’s more from the release:

The Placement Tranche drew strong demand from investors. The indications of interest received were valued at S$2.5 billion, representing approximately 21 times of the Placement Tranche.

185,063,000 Stapled Securities are being offered (the “Offering”) for subscription at the Offering Price of S$0.88 per Stapled Security by Frasers Hospitality Asset Management Pte. Ltd., as manager of FH-REIT (the “REIT Manager”) and Frasers Hospitality Trust Management Pte. Ltd., as trustee-manager of FH-BT (the “Trustee-Manager”, collectively with the REIT Manager, the “Managers”). Each Stapled Security comprises a unit in FH-REIT and a unit in FH-BT.

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