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Centurion Accommodation REIT is eyeing a valuation of up to SGD 1.51 billion (USD 1.18 billion) in its Singapore IPO, making it one of the city-state's largest listings this year. The REIT aims to raise SGD 771.1 million through the sale of 216.2 million shares to institutional investors at SGD 0.88 each, alongside 614 million units secured by cornerstone investors. Spun off from Centurion Corp, the REIT manages purpose-built worker accommodations in Singapore, Malaysia, and China. Backed by DBS, UBS, and FIL Investment Management, the offering reflects renewed investor confidence and marks another milestone for Singapore's strengthening equities market.
Centurion Accommodation REIT revealed that it was seeking a valuation of up to SGD 1.51 billion (USD 1.18 billion) as part of its initial public offering in Singapore, positioning it among the largest listings in the country this year. According to its prospectus filed earlier this week, the company planned to raise SGD 771.1 million by offering 216.2 million shares to institutional investors at SGD 0.88 each. Advertisement
In addition to this institutional placement, cornerstone investors-described as large institutional entities that commit to purchasing shares ahead of the IPO opening to the public-were reported to be acquiring 614 million units at the same offer price. Upon completion, the REIT was expected to surpass NTT DC REIT's market capitalisation of USD 978.7 million. NTT DC REIT had made its debut in July, raising SGD 773 million and marking Singapore's largest IPO in the past four years.
Prominent financial firms such as DBS Bank, UBS, and FIL Investment Management (Hong Kong) were stated to be among the key stakeholders. Centurion Accommodation REIT was noted to have been spun off from Centurion Corp, a Singapore-headquartered company that operates a range of purpose-built worker accommodations in Singapore, Malaysia, and China.
Meanwhile, shares of Centurion Corp surged by as much as 7.4% to reach a record high earlier this week, though they eventually closed 2.3% higher. Market watchers highlighted that IPO activity in Singapore has picked up since a series of measures were introduced in February to revitalise the equities market.
Backed by heavyweight financial institutions and bolstered by strong cornerstone investor interest, the offering underlines renewed confidence in Singapore's equities market. The move also strengthens Centurion Corp's strategic presence, extending its reach across the region's purpose-built accommodation sector.
Source - Reuters
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