The Real Estate Investment Trust (REIT), which owns 10 freehold data centres in the United States and Canada worth around $1.4 billion, is issuing 682 million units at $0.88 per a piece, excluding a greenshoe option worth $47 million.
The offering is more than double the total raised so far this year in Singapore at $258.9 million, yet still ranking behind neighbours such as Thailand, Indonesia and the Philippines, data by Refinitiv showed.
The city-state is on track for its weakest showing of IPOs and secondary listings since 2015 if the Digital Core REIT issue goes ahead, according to the data.
Graphic: Singapore IPOs this year set for lowest tally since 2015 https://graphics.reuters.com/SINGAPORE-IPO/myvmnkzdkpr/chart.png Blackrock Inc, Eastspring Investments, Fullerton Fund Management and AIA Investment Management are among the cornerstone investors in the IPO. Cornerstone investors are buying shares worth $365 million, or 61% of the total offer.
Shares totalling $223 million are being placed to other institutions, while the retail component, around $12 million, opens on Monday.
The REIT will list on Dec. 6.
BofA Securities, Citigroup and DBS Group are joint bookrunners for the IPO.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Anshuman Daga and Kim Coghill)
By Nikhil Nainan