Pavilion REIT eyes RM710m IPO

KUALA LUMPUR Pavilion Real Estate Investment Trust (REIT) aims to raise up to RM710 million in an initial public offering (IPO), which would be the fourth largest listing in the country this year.

The company will offer 790 million shares at an indicative price of 88-90 sen per share, according to the IPO term sheet obtained by Reuters.

Last month, Reuters reported that the IPO would raise about RM700 million, making it the fourth largest in Malaysia this year after Bumi Armada Bhd, MSM Malaysia Holdings Bhd and UOA Development Bhd.

The proceeds would be used for working capital and for partial payment of acquisitions, according to the information sheet. CIMB, Credit Suisse and Maybank are the joint global bookrunners for the deal.

The Employees Provident Fund and Kumpulan Wang Persaraan and insurance companies Great Eastern Life and American International Assurance Bhd are among those roped in as cornerstone investors for the IPO.

By Business Times