IOIPG Malaysia REIT appoints six IPO underwriters
The agreement covers 165 million offer units, while the full IPO comprises up to 2.2 billion units.
Six financial institutions will underwrite 165 million units for IOIPG Malaysia REIT’s Main Market initial public offering (IPO) under an agreement announced by the REIT. The underwriting covers units allocated to the public and restricted pink form offerings and remains subject to clawback and reallocation provisions.
The underwriting group comprises Maybank Investment Bank Bhd, AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Hong Leong Investment Bank Bhd, RHB Investment Bank Bhd and UOB Kay Mian Sdn Bhd. Maybank and AmInvestment also hold the joint principal adviser, global coordinator, bookrunner, managing underwriter and underwriter roles.
Of the IPO’s up to 2.2 billion units, 715.61 million offer units are allocated to retail investors and up to 1.48 billion offer units to institutional investors. At 90 sen per unit, the offering accounts for 40% of the fund’s 5.5 billion issued units.
The REIT expects to launch its prospectus in the fourth quarter and complete the listing by year-end. Regulatory approvals came from Securities Commission Malaysia in August and Bursa Malaysia Securities in September. The REIT intends to distribute at least 90% of distributable income each quarter.
As of May 31, the REIT’s nine assets had a valuation of about RM7.66 billion. IOI City Mall is the portfolio’s anchor asset, alongside six hotels operating under Marriott International brands and two office developments. Its investment scope covers Malaysian retail, commercial, office and industrial properties through direct and indirect holdings.
