Keppel DC REIT to commence trading today after oversubscribed IPO

It’s the largest REIT IPO year-to-date.

After garnering overwhelming demand from institutional and retail investors, Keppel DC REIT is set to commence trading on the mainboard at 2 pm today.

Keppel REIT’s IPO was made up of an international placement of 207,385,000 shares to investors, including institutional investors and other investors in Singapore. The placement tranche was approximately 24.4 times oversubscribed, and the units were priced at the top end of the offering price range at $0.93 per share.

The IPO also featured a public offering of 53,763,000 shares. At the close of the public offer at 12.00 pm on 10 December, 15,627 valid applications for an aggregate of 514,724,000 units amounting to approximately $478.7 million were received, resulting in the public offer being 9.6 times subscribed.

Keppel DC REIT also secured $270.0 million from nine cornerstone investors, who have collectively subscribed for an aggregate of 290,316,000 shares at the offering price, representing 53% of the total gross IPO proceeds.

This is the largest REIT IPO in Singapore year-to-date with $512.9 million raised.