Upcoming IPO: Newswires say Spore-based M&L REIT is planning to launch an up to $500m IPO in Spore early in 2Q12. The IPO, if successful, will be one of the biggest offerings this year in Spore and comes after a nearly 8-month period in which there were no IPOs larger than $500m. The listing was initially planned for late last year, but delayed due to weak mkt conditions. Recall, PCRT raised US$608m in May, and mkt sentiment soured thereafter.
M&L REIT is said to be awaiting approval from the MAS for a capital market license, which will allow the trust manager to market the IPO and tap potential cornerstone investors. It apparently already has SGX listing approval.
The REIT will comprise hotels in Australia, Japan and Singapore--including Sydney's Sheraton Four Points and the Ibis Singapore.
DBS, JPM and UBS are handling the IPO.
Mkt watchers think the IPO could open a window of opportunity for companies like Manchester United and semiconductor company UTAC to revisit Spore listings.
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