OUE Hospitality Trust lodged preliminary IPO proposal with MAS

Offering 681.8m stapled securities.

According to Phillip Securities, OUE Hospitality Trust (“OUE H-Trust”) is the real estate investment trust of Overseas Union Enterprise (OUE). 

Following up with recent announcements of listing, it has lodged a preliminary IPO prospectus with MAS. Extracting information from this preliminary prospectus, OUE H-Trust is offering a total of 681.8M stapled securities at S$0.88-0.90, potentially raising between S$600.0M-613.6M.

Here's more from Phillip Securities:

This amount includes $382M-391M from a public offer of 434.6M stapled securities and another $217.0M-222.0M raised from a cornerstone investors-subscription for 247M stapled securities (Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings P L and Splendid Asia Macro Fund).

OUE will receive about 626.8M stapled securities as part consideration (47.9% of the total stapled securities). The initial portfolio will consist of two assets; 1) Mandarin Orchard Singapore (hotel), and 2) Mandarin Gallery, (the adjoining retail mall)