Singapore’s Perennial Real Estate is preparing to resuscitate a planned initial public offering of a business trust packaging its Chinese retail properties, just five weeks after it pulled the issue because of global market volatility.
People with knowledge of the offering said the company would seek to raise up to S$840m (US$670m) from the IPO of Perennial China Retail Trust – slightly below the target of S$1.1bn understood to have been set before the issue was postponed on March 6.
The company began talking to investors on Tuesday and has not yet lodged its formal registration documents with the Monetary Authority of Singapore. However, the target is for the units to start trading on the Singapore Exchange in the second week of May.
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