Frasers Hospitality Trust launches IPO at $0.88 per share

The company is set to rake in $365m.

Frasers Hospitality Trust’s much-awaited IPO is finally out in the open, as the company lodged preliminary its prospectus with the MAS yesterday.

FHT’s IPO is made up of 182 million stapled securities, which will be available to the public at $0.88 per apiece.

Cornerstone investors such as DBS and Forest Asset Management. among others, have also entered into a subscription agreement of 232,949,000 stapled securities.

According to the prospectus, “The Offering consists of (i) an international placement of [136,645,000] Stapled Securities to investors, including institutional and other investors in Singapore (the “Placement Tranche”) of which. Stapled Securities will be reserved for subscription by the directors, management, employees and business associates of Frasers Centrepoint Limited (“FCL” or the “Sponsor”) and the REIT Manager and persons who have contributed to the success of FHT (the “Reserved Stapled Securities”) , and (ii) an offering of [45,454,000] Stapled Securities to the public in Singapore (the “Public Offer”).”

Here’s more from FHT:

Frasers Hospitality Asset Management Pte. Ltd., as manager (the “REIT Manager”) of Frasers Hospitality Real Estate Investment Trust (“FH-REIT”) and Frasers Hospitality Trust Management Pte. Ltd., as trustee-manager (the “Trustee-Manager”) of Frasers Hospitality Business Trust (“FH-BT”) are making an offering (the “Offering”) of [182,099,000] stapled securities in Frasers Hospitality Trust (“FHT”, and the stapled securities in FHT, the “Stapled Securities”), which is a hospitality stapled group comprising FH-REIT and FH-BT. Each Stapled Security comprises a unit in FH-REIT (“FH-REIT Unit”) and a unit in FH-BT (“FH-BT Unit”).

The Offering consists of (i) an international placement of [136,645,000] Stapled Securities to investors, including institutional and other investors in Singapore (the “Placement Tranche”) of which. Stapled Securities will be reserved for subscription by the directors, management, employees and business associates of Frasers Centrepoint Limited (“FCL” or the “Sponsor”) and the REIT Manager and persons who have contributed to the success of FHT (the “Reserved Stapled Securities”) , and (ii) an offering of [45,454,000] Stapled Securities to the public in Singapore (the “Public Offer”)

The total number of Stapled Securities in issue as at the date of this Prospectus is one Stapled Security (the “Sponsor Initial Stapled Security”). The total number of outstanding Stapled Securities immediately after the completion of the Offering will be [1,185,850,000] Stapled Securities.