Singapore’s Luxury Malls Face Off in IPO Contest: Southeast Asia
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Facing each other across Singapore’s Orchard Road shopping belt, the malls owned by Singapore Press Holdings Ltd. and Overseas Union Enterprise Ltd. have competed for shoppers. Now, they will compete for investors.
Overseas Union said last week it’s raising as much as S$614 million ($485 million) in an initial public offering that will include the Mandarin Gallery mall, one day after newspaper publisher Singapore Press said it’s seeking S$504 million from the IPO of a real estate investment trust with its Paragon mall as the flagship property.