Lendlease Global Commercial Reit made a strong debut on the Singapore Exchange's mainboard yesterday.
The units began trading at 2pm and hit 94 cents at 2.18pm, up 6.8 per cent from its initial public offering (IPO) price of 88 cents.
They closed at 92 cents, 4.5 per cent up on the IPO level with 74.6 million units changing hands, making it one of the most heavily traded securities yesterday.
The real estate investment trust's (Reit) manager said on Tuesday that the IPO had ended with the public offer tranche 14.5 times subscribed.
The Reit had offered 387.5 million units at 88 cents apiece, including 22.7 million to the public.
It received valid applications for 330.4 million units.
The subscription rate of 14.5 times was the highest for a Singapore Reit in the last five years, said the manager.
A total of 1.17 billion units were issued overall, raising gross proceeds of $1.03 billion. Lendlease Global Reit's $1.4 billion IPO portfolio comprises 313@Somerset, and Sky Complex - three office buildings in Milan, Italy.
Its sponsor, Lendlease Corporation, is part of Lendlease Group, a property and infrastructure group with operations in Australia, Asia, Europe and the Americas.
The listing brings the total number of listed Reits and property trusts here to 45, with a combined market capitalisation of about $110 billion, the SGX said yesterday.