Mapletree Industrial Trust, controlled by Temasek Holdings Pte, jumped on its first trading day after raising S$938.5 million ($721 million) in an initial public offering to repay debt and buy properties in Singapore.
Mapletree Industrial, led by Chief Executive Officer Tham Kuo Wei, surged as much as 29 percent to S$1.20 from the sale price of 93 Singapore cents, the top end of the range marketed to investors. The units traded at S$1.18 as of 2:10 p.m.
Asia has taken the lead in IPOs globally this year with seven of the 10 largest sales worldwide, according to data compiled by Bloomberg. Global Logistic Properties jumped 11 percent on its trading debut earlier this week after raising S$3.45 billion, Singapore’s biggest IPO since 1993. Coal India Ltd. this week started the 151.5 billion rupee ($3.4 billion) sale of stock, India’s biggest-ever IPO.
Mapletree Industrial, whose IPO share placement to institutional and retail investors was about 38 times subscribed, said today the over-allotment option of 91.75 million units, or 15.4 percent of the total number of units in the offering, will be exercised in full by the joint bookrunners.
Mapletree Investments Pte, Temasek’s real estate unit, has an agreement to subscribe to 359.5 million units in Mapletree Industrial, according to its prospectus.
Citigroup Inc., DBS Group Holdings Ltd., Goldman Sachs Group Inc. and Standard Chartered Plc arranged the share sale.