to a term sheet that noted the start of the book-building process.
NTT DC REIT’s portfolio holds six data centre assets that are located in the US, Austria, and Singapore, according to a preliminary prospectus that was filed on Friday. The value of the offering is somewhere between $722 million and $812 million, while the overallotment option would mean adding another $51.5 million, the term sheet demonstrated.
However, NTT did not immediately respond to the request for comment if the yield is priced at 7.5%, the overallotment would be exercised, and NTT would be left with a 20% stake in the REIT. Also worth knowing is the fact that the REIT is being marketed at an indicative forecast distribution yield of 7% to 7.5% for July-March on an annual basisand 7.29% to 7.80% for the next financial year.
The term sheet also showed that the REIT would have a market cap of up to $1.08 billion. Bookbuilding is also due to end on Friday, with listing set for July 14. The Singapore Exchange has seen a tendency of a growing interest from companies that were seeking to list after it announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings.
Hong Kong-listed China Medical System also said last week that it had applied for a secondary listing for its shares on the bourse. Other companies that were looking into listing in Singapore include the city-state’s foundation, Healthcare Holdings.
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IPO proceeds raised on the Singapore Exchange surged more than fivefold to $331.6 million in the first half of this year from a year earlier, while the last listing of a similar size was a $977 million IPO for Digital Core Reit in 2021, according to LSEG, reported Reuters.
The term sheet also showed that the REIT would have a market cap of up to $1.08 billion. Bookbuilding is also due to end on Friday, with listing set for July 14. The Singapore Exchange has seen a tendency of a growing interest from companies that were seeking to list after it announced measures in February to strengthen its equities market, including a 20% tax rebate for primary listings.
Hong Kong-listed China Medical System also said last week that it had applied for a secondary listing for its shares on the bourse. Other companies that were looking into listing in Singapore include the city-state’s foundation, Healthcare Holdings.
Subscribe to our newsletter
IPO proceeds raised on the Singapore Exchange surged more than fivefold to $331.6 million in the first half of this year from a year earlier, while the last listing of a similar size was a $977 million IPO for Digital Core Reit in 2021, according to LSEG, reported Reuters.
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