CapitaLand Ascendas REIT (CLAR) has priced its private placement units at the bottom of its indicative range, fixing the issue price at SGD2.406 per unit after the book closed oversubscribed on 25 March, signalling robust but price-sensitive demand from institutional investors.
The final placement price, set at the lower end of the SGD2.406 to SGD2.450 indicative range, represents a discount of approximately 4.2% to the volume weighted average price of SGD2.5126 per unit recorded on the SGX on 23 March, the last trading day before the underwriting agreement was signed.
The pricing suggests that while demand was strong enough to fill the book, investors pushed back on valuation, ultimately anchoring the deal at its floor price.
Related: Institutional investors net sell CapitaLand Ascendas REIT ahead of fundraising
Dear members, please login to continue reading this article.
Login or sign-up for a free 25-day trial here. Why subscribe?