Units of EC World REIT finished its first trading day on the Singapore Exchange virtually unchanged from its initial public offering (IPO) price of SGD0.81.

Units of the industrial REIT opened at SGD0.81 at 2 p.m. on 28 July and reached an intraday high of SGD0.82 before retreating to its closing price of SGD0.815.

EC World REIT’s IPO consisted of an international placement of 180,625,600 units to qualified investors and a public tranche of 7,500,000 units in Singapore. The public tranche was about 1.5 times oversubscribed.

The REIT raised about SGD629.8 million from the offering.

“We are encouraged by the strong support received from regional and local investors for our IPO”, said Peter Lai, CEO of the REIT’s manager, in a statement on the listing. “It validates our confidence in the strength of EC World REIT’s IPO portfolio”, he added.

EC World REIT has an initial portfolio of six logistics properties in Hangzhou, China. As at 31 December 2015, the portfolio has an aggregate net lettable area of 698,478 square metres, a total appraised value of approximately RMB6,357 million (SGD1.3 billion), and a weighted average occupancy rate of 92.3%.

Based on its offer price, EC World REIT has projected an annualised distribution yield of 7.1% for the forecast period of 2016 and 7.3% in 2017.