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| Name | Size | Pte | Public | IPO Price | NAV | PE | Open | Close | Trade | Open Price |
| Million | Million | Million | S$ | S$ | Date | Date | Date | |||
| Anchun | 130 | 128 | 2 | S$0.28 | S$0.105 | 7.5 | 13 Oct 2010 | 21 Oct 2010 | 25Oct 2010 | |
| Mapletree Ind Trust | 594.913 | 488.768 | 106.145 | S$0.93 | S$0.86 | 13 Oct 2010 | 18 Oct 2010 | 21 Oct 2010 | ||
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Global Logistics Properties (GIC 56.8 %) |
1,173.243 | 1,070.869 | 102.375 | S$1.96 | S$1.86 | 11 Oct 2010 | 14 Oct 2010 | 18Oct 2010 | ||
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Global Logistics IPO Said to Raise S$3.45 Billion (Update1) 8 Oct 2010 Mapletree Industrial Trust (MIT) Prospectus Singapore's Mapletree Industrial surges on debut 21 Oct 2010
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Global Logistics IPO Said to Raise S$3.45 Billion (Update1) 2010-10-08 00:58:22.290 GMT (Updates with prospectus in the fourth paragraph.) By Joyce Koh Oct. 8 (Bloomberg) -- Global Logistic Properties Ltd. is set to raise S$3.45 billion ($2.64 billion) in Singapore's biggest initial public offering since 1993, three people with knowledge of the matter said. Shares in GLP, the overseas logistics unit of Government of Singapore Investment Corp., were priced at S$1.96 per share, the top end of a range marketed to investors, the people said on condition of anonymity. The company, which said last month it would offer 1.76 billion shares, plans to use S$1.5 billion of the proceeds to expand in China and Japan, and about S$600 million to pay down existing shareholder loans. There is an over-allotment option to expand the sale by 234.7 million shares. Global Logistic, whose customers include Wal-Mart China, Deutsche Post AG's DHL and FedEx Corp., is led by Deputy Chairman and Executive Director Jeffrey Schwartz. The company owns, manages and leases 296 properties within 122 integrated parks, and its network is spread across 25 major cities in China and Japan, according to its prospectus. JPMorgan Chase & Co. and Citigroup Inc. are leading a group of investment banks arranging the IPO, including UBS AG, China International Capital Corp. and DBS Group Holdings Ltd. Singapore Telecommunications Ltd.'s initial offering in the city-state in 1993 raised more than S$4 billion. NUMBER OF OFFERING SHARES % OF TOTAL NUMBER RANGE OF
OFFERING ALLOCATED FOR OF OFFERING SHARES UNDER SHARES APPLIED FOR
SUCCESSFUL APPLICANT THE PUBLIC OFFER NUMBER OF ('000) BALLOTING RATIO
(‘000) (%) SUCCESSFUL APPLICANTS
Two industrial property IPOs
worth about US$3.7 billion ($4.8 billion) are expected to surge when
they debut in Singapore next week thanks to their high yield and
exposure to China’s fast-growing economy.
Global Logistic Properties (GLP), the logistics unit of Singapore sovereign wealth fund GIC (GIC.UL), is set to raise up to $3.9 billion in Singapore’s second-largest initial public offering.
Its shares could jump by up to 10% when they debut on Monday as the
company is viewed as a good proxy for China’s exponential trade
growth, analyst said.
Units in Mapletree Industrial Trust, which owns factories and other
industrial properties in Singapore, meanwhile may rise to as much as
$0.99 on their first trading day on Thursday, 6.5% higher than the
offer price of $0.93, according to the median forecast of five
analysts polled by Reuters.
The listing could raise as much as $940 million.
The IPOs hit the market within days of each other, but analysts say
there is enough liquidity to digest both since GLP and Mapletree
Industrial, a property trust linked to Singapore wealth fund Temasek
(TEM.UL), appeal to different investors.
“The value proposition is different,” said UOB Kay Hian analyst
Vikrant Pandey. “Investors looking for yield and growth in the
industrial segment in Singapore would rather go for Mapletree
Industrial Trust and investors looking to ride the growth in China
would go for GLP.”
GLP, led by former ProLogis CEO Jeffrey Schwartz, owns over 290
logistics properties across China and Japan, making it
well-positioned to ride on the coat tails of China’s industrial
production boom and economic growth.
Shares of GLP may rise to as high as $2.16 on their first trading
day, 10% higher than the IPO price of $1.96, according to the median
forecast of the analysts.
It is set to be Singapore’s second-largest IPO after Singapore
Telecommunications’ (STEL.SI) $4 billion share offering in 1993.
It is also the first of several large IPOs in Asia that take place
in coming weeks. These include AIA, the Asian life insurance arm of
American International Group and a proposed US$4.2
Asian equity markets have seen solid gains this year, helped by a
pick up in economic growth. Singapore’s benchmark Straits Times
Index <.FTSTI> has risen 10% so far in 2010 compared with a 12% gain
in the MSCI index of Asia-Pacific stocks excluding Japan.
“We expect both GLP and Mapletree Industrial to perform well on
their respective first day of trade. Both companies are high profile
listings and have substantial institutional support behind them,”
said Moh Tze Yang, an analyst at SIAS Research.
GLP will be the first listing by a firm majority-owned by GIC in
Singapore and the sovereign fund will continue to have a controlling
stake in GLP after the IPO.
“It doesn’t seem like the market could be running out of liquidity
or get exhausted,” said Janice Ding, an analyst at CIMB research.
“Both (GLP and Mapletree) were able to price on the high end (of the
indicative price range) so that’s an indication of the demand out
there.”
But Ding said Mapletree’s offering could fare better given strong
demand for assets with higher yields in the market.
Mapletree Industrial has said it expects to see a distribution yield
of about 7.6% for the 12 months ended March 2011.
“Mapletree could do slightly better. The story is easier to
understand and it’s a REIT with a visible cash flow and
distribution, and there’s quite a lot of liquidity out there looking
for high yield products,” said Ding.
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Company Overview of Ahchun Business Based on our core principles of production ef chemical systems engineering and technology solutions can be broadly categorised into 3 segments: (i) Chemical systems engineering and technology design services (CET Design Services) (ii) Chemical systems and components (CSC Business) (iii) Oxidative and reductive catalysts Our chemical systems and components are generally used by our customers to produce ammonia and methanol, which are subsequently used as crucial feedstock in
our customers’ production systems to produce other downstream products
such as Anchun Prospects Steady growth in production volume and capacity of ammonia and methanol in the PRC is expected to continue ensuring the PRC’s food security. The PRC needs to feed 21% of the world’s population with only 9% of global arable area. Use of fertiliser is crucial in• Persistent stable increase in demand for fertiliser to expand crop production & in other industry uses for ammonia.security necessitate the development of alternative fuel. Methanol is an important feedstock to the petrochemical and chemical industries. The PRC’s demand for energyethylene and propylene, the top 2 petrochemical feedstock.Increasing use of dimethyl ether as alternative fuel for cooking and heating and methanol to olefi n process to producefi ciency, energy saving and environmental protection, our range of integrated |
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Singapore's Mapletree Industrial surges on debut Reuters - 1 hour 16 minutes ago 21 Oct 2010
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