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sharksfin.
I'll surely apply big for this
SINGAPORE (Dow Jones)--Sabana Shari''ah Compliant Industrial Real Estate Investment Trust, or Sabana REIT, has priced its initial public offering at S$1.05 per unit, allowing the company to raise as much as S$664.4 million in gross proceeds, people familiar with the situation said Friday.
The first Shariah-compliant listing in Singapore is planning to sell a total of 632.8 million units in the IPO, with the units listing on the Singapore Exchange likely on Nov. 26, one of the people said. Of the total offering, 101.8 million were placed to cornerstone investors.
The offering would also be the world''s largest listed Shariah-compliant REIT by total assets. The Singapore-based REIT''s assets are estimated at S$850 million.
The pricing of the units is at the middle of the price range of between S$1 and S$1.10.
The company intends to use the proceeds of the IPO to purchase properties and to pay off debt-related costs.
Daiwa Capital Markets, HSBC and United Overseas Bank are advising Sabana on the deal, while HSBC is also the sole financial adviser.