NTT DC Reit's Singapore public offer 9.8 times oversubscribed
NTT DC Reit is aiming to raise gross proceeds of US$773 million from the Singapore IPO.
SINGAPORE - The manager of NTT DC Reit (real estate investment trust) said the public tranche of its Singapore initial public offer (IPO) was about 9.8 times oversubscribed.
Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units, the manager said in a bourse filing on July 11.
It received application monies totalling around $376.2 million.
Overall, based on the 599.9 million units available for subscription under the offering, including 569.9 million units offered to international investors, it was around 4.6 times oversubscribed.
The international placement was US$1 per unit, while the Singapore public offer was at S$1.276 per unit.
Merrill Lynch (Singapore), which is a stabilising manager on behalf of the joint bookrunners of the IPO, has over-allotted an extra 51.5 million units.
NTT DC Reit is aiming to raise gross proceeds of US$773 million from the Singapore IPO. The listing is the biggest of a Singapore Reit in more than a decade.
Top stories
Swipe. Select. Stay informed.
Asia Air India crash report shows pilot confusion over engine switch movement
Singapore More NSFs may be recruited to tackle scams: Police
Singapore $3 cashback for hawker centre meals and shopping at heartland stores with DBS PayLah initiative
Singapore 40% more sign-ups to programmes for adult learners at institutes of higher learning in last 5 years
Singapore Exhibition marking The Straits Times' 180th anniversary opens on July 12 at Jewel Changi
Multimedia Which floor is this? Chongqing's maze-like environment powers its rise as a megacity
Singapore Over 20 motorists caught offering illegal ride-hailing services at Changi Airport and Gardens by the Bay
Life SG60 F&B icons: 20 dishes and drinks which have shaped Singaporeans' taste buds
Concurrent with but separate from the offering, a group of cornerstone investors will subscribe to over 172 million units in total, representing 16.8 per cent of all units.
These include GIC, which is subscribing to more than 100 million units that make up 9.8 per cent of the total units in issue after the offering. Immediately after the listing, GIC will be a substantial unit holder – becoming the second-largest investor in NTT DC Reit after its sponsor.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Me & My Money: Ex-finance professional makes it her business to help children thrive
Sign up now: Get ST's newsletters delivered to your inbox When you build something purpose-driven with the right foundation, the returns will follow, not just financially but also in lasting impact, says Ms Janice Tay, founder and clinical director of Bridging The Gap. SINGAPORE – Ms Janice Tay did not expect to become a business owner. She was happy working in private insurance, and starting a business was far from her mind. But then came the diagnosis. She left the corporate world to focus on her son after he was diagnosed with global developmental delay and attention deficit hyperactivity disorder.
Straits Times
an hour ago
- Straits Times
EU says it still wants US trade deal, will defend interests
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump has threatened a 30 per cent tariff on European goods starting on Aug 1, unless the US and EU agree a trade deal. BRUSSELS - The EU is ready to retaliate to safeguard its interests if the US proceeds with imposing a threatened 30 per cent tariff on European goods starting on Aug 1, European Commission President Ursula von der Leyen said on July 12. However, Dr von der Leyen, head of the EU executive which handles trade policy for the 27 member countries of the EU, said it was also ready to keep working towards an agreement by Aug 1. 'Few economies in the world match the European Union's level of openness and adherence to fair trading practices,' she said, in response to new threats by US President Donald Trump on July 12 escalating a trade war Europe had hoped to avoid. 'We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,' she said, of possible retaliatory tariffs on US goods entering Europe. European capitals swiftly backed that position. 'As part of European unity, it is more than ever up to the Commission to assert the Union's determination to defend European interests resolutely,' French President Emmanuel Macron said on X. German Economy Minister Katherina Reiche urged a statement for a 'pragmatic outcome to the negotiations'. Top stories Swipe. Select. Stay informed. World US slaps 30% tariffs on EU and Mexico; EU warns of countermeasures Singapore S'pore shows what's possible when digital innovation is matched with purpose: UK foreign secretary Singapore Casual racism should be tackled by getting more people to understand it is not acceptable: David Neo Asia Fuel was cut off during take-off: Preliminary report on Air India crash Singapore Pulling back the curtain: A backstage look at the 2025 NDP show segment Singapore $3 cashback for hawker centre meals and shopping at heartland stores with DBS PayLah initiative Singapore Body of 62-year-old man recovered from waters off East Coast Park Asia Aerobridge hits Qantas plane at Sydney Airport, damaging engine, delaying flight 'The tariffs would hit European exporting companies hard. At the same time, they would also have a strong impact on the economy and consumers on the other side of the Atlantic,' she said. Spain's Economy Ministry backed further negotiations but added that Spain and others in the EU were ready to take 'proportionate countermeasures if necessary'. Mr Trump has periodically railed against the European Union, saying in February it was 'formed to screw the United States' and asking why Europe exports so many cars but buys so few US cars in return. His biggest grievance is the US merchandise trade deficit with the EU, which in 2024 amounted to US$235 billion (S$300 billion), according to US Census Bureau data. The EU has repeatedly pointed to the US surplus in services, arguing it in part redresses the balance. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU said in March the trade dispute could jeopardise US$9.5 trillion of business in the world's most important commercial relationship. 'Europe must not allow itself to be intimidated by this, but must soberly seek a solution at the negotiating table on equal terms,' said Mr Dirk Jandura, president of the German exporters association BGA, adding the latest threats were a 'well-rehearsed' part of his negotiating strategy. Mr Carsten Brzeski, global head of macro at ING, said Mr Trump's move suggested that months of negotiations remained deadlocked and that things were inching towards a make-or-break moment for the transatlantic trade relationship. 'The EU will now have to decide whether to budge or to play hardball,' he said. 'Its hard to draw real conclusions right now other than this will bring market volatility and even more uncertainty.' Mr Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, noted that the brunt of the US tariffs, if implemented, would be felt by US consumers. 'The EU should take a hard line in negotiations, because model calculations show that tariffs against the EU have a stronger negative effect in the US than in the euro zone.' That said, there would also be clear repercussions for the euro area economy, already struggling with weak growth. The European Central Bank had used a 10 per cent tariff on EU exports to the US as the baseline in its latest economic projections, which put output growth in the euro area at 0.9 per cent this year and 1.1 per cent the next and 1.3 per cent in 2027. It said a 20 per cent US tariff would curb growth by 1 percentage point over the same period and also pull down inflation to 1.8 per cent in 2027, from 2 per cent in the baseline scenario. It did not even offer an estimate for the possibility of a 30 per cent tariff. REUTERS
Straits Times
2 hours ago
- Straits Times
Ireland thrash Portugal 106-7 to break records
Sign up now: Get ST's newsletters delivered to your inbox Rampant Ireland ran in 16 tries as they crushed tier-2 Portugal 106-7 in Lisbon on Saturday, the biggest victory in their 150-year history and also their first time beyond 100 points. The 99-point winning margin tops their previous best when they thumped the United States 83-3 in 2000, while they had never previously managed 16 tries in a game either. Ireland were missing 16 of their regular players who are on tour in Australia with the British & Irish Lions, and have stand-in coach Paul O'Connell leading the team, but were far too quick and powerful for the Portuguese. "I feel sorry for Portugal but we were very clinical and took our chances," O'Connell told Virgin Sports. "It is a unique summer tour given the Lions tour is on at the same time but I am very happy with how our squad applied themselves. "It is great to get some guys capped and scoring tries and training in an international environment." The visitors fielded three debutants and all crossed for tries – winger Shayne Bolton and centre Hugh Gavin both scored twice, while flanker Alex Kendellen also got on the scoresheet. Ireland had 11 different try-scorers, not including a penalty try, with wing Tommy O'Brien and number eight Cian Prendergast both scoring twice, while backs Stuart McCloskey, Craig Casey, Calvin Nash, Ciaran Frawley and Ben Murphy also scored. Top stories Swipe. Select. Stay informed. World US slaps 30% tariffs on EU and Mexico; EU warns of countermeasures Singapore S'pore shows what's possible when digital innovation is matched with purpose: UK foreign secretary Singapore Casual racism should be tackled by getting more people to understand it is not acceptable: David Neo Asia Fuel was cut off during take-off: Preliminary report on Air India crash Singapore Pulling back the curtain: A backstage look at the 2025 NDP show segment Singapore $3 cashback for hawker centre meals and shopping at heartland stores with DBS PayLah initiative Singapore Body of 62-year-old man recovered from waters off East Coast Park Asia Aerobridge hits Qantas plane at Sydney Airport, damaging engine, delaying flight Prop Thomas Clarkson was the only other forward to get a try as Ireland kept the ball in hand and bamboozled their hosts with some scintillating running rugby. Flyhalf Jack Crowley kicked 11 conversions to cap an excellent personal performance, though it is hard to know exactly how much they will take out of a game where they were never unduly tested by their hosts. The friendly was the final fixture of the season for Ireland, who defeated Georgia 34-5 last weekend. REUTERS
