ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

Haha RBM, thanks for your thoughts. Yes, I am aware that even for Placement Tranche, you need to apply a significant amount to be "considered", especially for a hot IPO.

As to what you said about high gearing, I cannot understand it either.

Pessimism is a virtue when others are optimistic. It keeps you grounded and prudent, and helps you to avoid losing money.

http://info.sgx.com/webcoranncatth.nsf/V...400450210/$file/FarEastH-Trust_Balloting_Announcement.pdf?openelement

FE H Trust priced similarly was 14.6x over. However, since then mkt has improved vastly and it can only be logically expected that mkt participants are richer since then.

(06-03-2013, 12:17 AM)hongonn Wrote: [ -> ]Never underestimate the number of rich people in Singapore.

Mapletree's China-focused REIT IPO nearly 30 times subscribed

SINGAPORE: The initial public offering of Singapore's largest real estate investment trust has been fully snapped up.

Units of Mapletree Greater China Commercial Trust is nearly 30 times subscribed at the close of the public offer.

The Reit offered a total of about 776.6 million units at 93 cents each, raising some S$1.7 billion.

There was strong demand for both the placement and public tranches.

And even the 50.3 million reserve units offered were over-subscribed.

The Reit will make its trading debut in the Singapore Exchange on Thursday.

Oooh, a hot IPO! Reminds me of those days back in 2006.

The Straits Times
www.straitstimes.com
Published on Mar 06, 2013
Mapletree's China Reit a big hit
IPO units subscribed 29.5 times; $19.9b demand outstrips $1.7b target

By Melissa Tan

SINGAPORE'S largest initial public offering (IPO) in nearly two years, expected to raise $1.7 billion, has received overwhelming demand from investors.

Many investors would have missed out after units of the red-hot IPO of Mapletree Greater China Commercial Trust (MGCCT) were 29.5 times subscribed in total.

It is the largest real estate investment trust (Reit) ever launched in Singapore.

The trust, sponsored by Mapletree Investments, owns commercial properties in Hong Kong and China. Reits get income from the rents of properties in their portfolio and pay out part of that to investors.

Mapletree said total demand was about $19.9 billion for the units available for subscription. This far outstripped the $1.7 billion the offer aimed to raise.

About 776.6 million units were offered at 93 cents each, priced at the top end of the 88- to 93-cent offer price range.

Retail investors piled into the offering, resulting in the already relatively large public tranche being several times oversubscribed.

Remisier Desmond Leong said many clients inquired about the IPO and he told all of them to subscribe to it.

The retail tranche of about 215.1 million units, accounting for about 28 per cent of the offer, was 8.9 times subscribed with a total value of around $1.8 billion.

Demand from institutional investors was even higher. The institutional tranche, making up about two-thirds of the offer, was 38.1 times subscribed with a total value of $18.1 billion.

Mapletree Investments said the placement "drew strong demand from institutional investors from Asia, and globally including from Europe" and the indications of interest received were valued at $18.1 billion.

The remaining 50.3 million units were reserved for subscription by directors, management, employees and business associates of Mapletree Investments, a unit of Temasek Holdings.

The total subscription figure of 29.5 times excludes these reserved units and assumes the over-allotment option for 79.9 million units is not exercised.

MGCCT will invest in commercial properties in Hong Kong, as well as first-tier and key second-tier cities in China.

Its initial portfolio, worth $4.3 billion, is Hong Kong's Festival Walk and Beijing's Gateway Plaza.

The Reit's distribution yield is expected to be 5.6 per cent in its first year and 6.1 per cent in its second.

Mr Leong said, however, that IPOs are still sentiment-driven so if financial markets take a tumble before the debut the counter "may not open at what it should".

Units will begin trading on the Singapore Exchange tomorrow at 2pm.

melissat@sph.com.sg

Balloting Results looks generous, Institution Investors driving stronger demand,

(a) The Placement Tranche
Indications of interest were received for approximately 19.5 billion Units under the Placement Tranche, resulting in the Placement Tranche being approximately 38.1 times subscribed based on the 511,279,000 Units available under the Placement Tranche.

(b) The Public Offer
As at the close of the Public Offer at 12.00 noon on 5 March 2013, there were 50,859 valid applications for the 215,053,000 Units (excluding the 50,304,000 Reserved Units which have been applied for by the Eligible Applicants) available to the public for subscription. In total, these applicants applied for 1,914,020,000 Units. Based on the aforesaid, the Public Offer was approximately 8.9 times subscribed (based on 215,053,000 Units, which excludes the 50,304,000 Reserved Units).

[Image: 3478leu.jpg]

Congrats to those who got alloted. IPO Fever is back!

The Straits Times
www.straitstimes.com
Published on Mar 07, 2013
Mapletree Reit units for nearly 28,000 applicants

THE 215.1 million units offered in the retail tranche for Mapletree Greater China Commercial Trust (MGCCT) were distributed among 27,993 people.

Directors, management, employees and business associates of Mapletree Investments also snapped up the 50.3 million units reserved for their subscription, the trust told the Singapore Exchange yesterday.

Mapletree Investments, a unit of Temasek Holdings, is the sponsor of the real estate investment trust (Reit), which owns commercial properties in Hong Kong and China.

Its initial public offering, expected to raise $1.7 billion, was heavily subscribed at 29.5 times.

About 776.6 million units were offered in total. Two-thirds were placed with institutional investors and around 28 per cent was available to the public.

About a quarter of the units in the retail tranche went to investors who subscribed for 100 to 199 lots. There were 2,701 applicants in this band. One lot is 1,000 units.

Out of every 50 people who applied for one to nine lots, 26 were awarded one lot. There were 7,842 successful applicants in this band.

The ratio rises to 27:50 for those who applied for 10 to 19 lots. In that band, 8,166 successful applicants received three lots each.

For those who applied for 20 to 49 lots, the ratio was 28:50, and 5,000 successful applicants each got six lots.

Eight of the directors of the Reit's manager subscribed for a large amount of reserved units.

Mapletree Investments chief executive Hiew Yoon Khong and chief investment officer Chua Tiow Chye were allocated 830 lots each. At the offer price of 93 cents, this works out to $771,900 each.

Mr Frank Wong, Mr Kevin Kwok, Mr Lok Vi Ming, Mrs Ow Foong Pheng and Mr Michael Kok were each allocated 540 lots, which are worth around half a million dollars per person.

Ms Cindy Chow, chief executive of the Reit's manager, was allocated 400 lots, worth $372,000.

The counter starts trading today at 2pm.

MELISSA TAN

Newbie Question: How can I confirm if I was successful in balloting?

My bank account statement shows no full refund, which means I should have been successful, but when I check CDP, no shares were credited to my account.

(07-03-2013, 10:14 AM)mkmk Wrote: [ -> ]Newbie Question: How can I confirm if I was successful in balloting?

My bank account statement shows no full refund, which means I should have been successful, but when I check CDP, no shares were credited to my account.

CDP will not update the IPO shares till a few days later, but if you did not get a full refund this means you were alloted for the IPO. So you can technically go ahead and sell the shares upon trading commencement.

if u applied through internet, u can check the results under "ESA Results Enquiry".

if u are allocated, it should say how many lots allocated and status (successful)

take a print screen if u wish.

(07-03-2013, 10:16 AM)Musicwhiz Wrote: [ -> ]CDP will not update the IPO shares till a few days later, but if you did not get a full refund this means you were alloted for the IPO. So you can technically go ahead and sell the shares upon trading commencement.

Ah, understood. Thanks!

(07-03-2013, 10:22 AM)AlphaQuant Wrote: [ -> ]if u applied through internet, u can check the results under "ESA Results Enquiry".

if u are allocated, it should say how many lots allocated and status (successful)

take a print screen if u wish.

Unfortunately, I applied through ATM, so I can't check via "ESA Results Enquiry".

should be credited in the cdp now.