Carlyle-backed New Century Reit raises $112m in trimmed IPO

HONG KONG (REUTERS) - Carlyle-backed New Century Real Estate Investment Trust (Reit) has raised HK$676 million (S$112 million) from a trimmed Hong Kong initial public offering (IPO), after pricing the float at the bottom of the indicative range, IFR reported on Friday.

The company, owner of four five-star hotels in mainland China, slashed the size of its offering by 66 per cent amid volatile market conditions, said IFR, a Thomson Reuters publication.

New Century sold 193 million shares, instead of the original 470 million shares, at the bottom of the same indicative price range of HK$3.50-HK$4.20 per share.

Morgan Stanley and Standard Chartered were hired as joint global coordinators of the offering.