Allen & Gledhill is leading a raft of law firms advising on the planned IPO of Singapore property group Ascendas, which is looking to spin-off its hotel assets via a property trust in a listing worth up to S$823 million ($648 million), according to a draft prospectus filed late on Monday.
Ascendas Hospitality Business Trust, which owns 11 properties in Australia, China, Japan, and South Korea, plans to offer between 506.1 million and 529.6 million stapled securities at S$0.88 to S$0.94 a unit.
Ascendas Land International will subscribe to between 266 million and 284.1 million Ascendas Hospitality units, while AHDF Pte Ltd, a unit of French hotel group Accor, will receive 53.2 million to 56.8 million units as partial payment for hotels that had been put in the trust.
Cornerstone investors, including a unit of Singapore Press Holdings, will take up another 80 million to 85.2 million units.
King & Wood Mallesons, Paul Hastings, Mori Hamada & Matsumoto, Zhong Lun Law Firm, Kim & Chang are advising offering’s sponsor, REIT manager and trustee manager on Australian law, Hong Kong law, Japanese law, PRC law, and Korean law respectively.
Meanwhile, advising the joint financial advisers, joint global coordinators, joint bookrunners, issue managers and underwriters are WongPartnership (on Singapore law), Latham & Watkins (on U.S. law), and Commerce & Finance Law Offices (on PRC law). Shook Lin & Bok is advising the REIT Trustee.
Singapore's IPO market is beginning to stir after a weak start to the year. Besides Ascendas Hospitality, Malaysia healthcare firm IHH Healthcare Bhd is in the process of raising $2 billion via a dual listing in Singapore and Kuala Lumpur. India's Reliance Communications too is looking to raise as much as $1 billion by listing its undersea cable unit.
Ranajit Dam is Southeast Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.
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