NTT DC REIT IPO oversubscribed 4.6 times

It is set to be SGX’s biggest REIT IPO in a decade.

NTT DC REIT announced in a bourse filing on 11 July that its initial public offering (IPO) was oversubscribed.

Based on the 599.9 million units available for subscription under the offering, including 569.9 million units offered under placement tranche, the offer was around 4.6 times oversubscribed.

NTT DC REIT, backed by Japan telecom group NTT Ltd., was set to raise $987.93m (US$773) through its IPO on the Singapore Exchange. Trading will start on 14 July at 2 p.m.

Its Singapore public offer was 9.8 times oversubscribed. Based on the 30 million units available to the public, there were 14,166 valid applications for an aggregate of 294.8 million units. It received application monies totalling around $376.2 million.

Merrill Lynch (Singapore), as a stabilising manager, has over-allotted an additional 51.4 million units, all of which were allocated to applicants under the placement tranche.

According to a breakdown provided by NTT DC REIT, there were a total of 7,086 applicants for the public tranche, and a consistent balloting ratio of 25:50 was applied.

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