SINGAPORE, May 20 (Reuters) - Units in newly listed real
estate investment trust Manulife US REIT MANU.SI opened on
Friday in Singapore at $0.82, slightly below their offer price
in a $519.2 million sale, the city-state's biggest initial
public offering in almost two years.
The IPO was priced at $0.83 per unit. The asset is priced in
U.S. dollars, though listed in Singapore.
The listing of the REIT, whose sponsor is a part of life
insurer Manulife Financial Corp MFC.TO , is Singapore's biggest
since the $611 million debut of Accordia Golf Trust ACCO.SI in
July 2014.
The Singapore Exchange (SGX) has been facing a dearth of
IPOs, hurt by weak market sentiment. Funds raised through IPOs
and reverse takeovers on the SGX's main board totalled S$276
million ($200 million) in 2015, compared with S$3.18 billion the
previous year.
At 0622 GMT, units of Manulife US REIT, comprising three
office properties in the United States, were trading at $0.79.
The broader market .STI was up nearly 0.75 percent.
($1 = 1.3782 Singapore dollars)