Mapletree Industrial IPO expected to raise $940m

Mapletree Industrial Trust, which owns several factories and industrial properties in Singapore, has announced it would raise as much as $940 million from its IPO in Singapore after setting a price range of between S$0.88 and S$0.93 a unit.

According to a draft prospectus, Mapletree is selling 594.9 million units with an option to raise the offer by another 91.75 million units.

US hedge fund D.E. Shaw, UK fund manager Henderson and insurers, AIA and Prudential are among the cornerstone investors that will subscribe for another 322.6 million units.

The trust will be managed by Temasek-owned property company Mapletree Investments, which already manages two other property investment trusts such as Lippo- Mapletree Indonesia Retail Trust and Mapletree Logistics.

Mapletree Industrial began its roadshow today and offer pricing is expected to begin on October 8, while shares will likely start trading on October 21.