SINGAPORE, July 27 Singapore's Ascendas Hospitality Trust started trading slightly below its offer price on Friday, despite the units being fairly well subscribed during the IPO phase.
The units opened at S$0.875, or about 0.6 percent below the IPO price of S$0.88. They were last traded at S$0.89 with nearly 19 million units changing hands.
Ascendas Hospitality had cut the size of its IPO earlier this week after stripping a South Korean hotel from its portfolio. The trust sold 437.325 million stapled securities, down from an original offer size of between 506.075 million and 529.648 million units.
Nomura and Standard Chartered were joint global coordinators for the offering, with HSBC and DBS acting as joint bookrunners.
(Reporting by Eveline Danubrata; Editing by Kevin Lim)