Carlyle-backed New Century REIT raises $87 mln in trimmed IPO-IFR

HONG KONG, July 6 Fri Jul 5, 2013 10:17pm EDT

HONG KONG, July 6 (Reuters) - Carlyle-backed New Century Real Estate Investment Trust has raised HK$676 million ($87.2 million) from a trimmed Hong Kong initial public offering, after pricing the float at the bottom of the indicative range, IFR reported on Friday.

The company, owner of four five-star hotels in mainland China, slashed the size of its offering by 66 percent amid volatile market conditions, said IFR, a Thomson Reuters publication.

New Century sold 193 million shares, instead of the original 470 million shares, at the bottom of the same indicative price range of HK$3.50-$4.20 per share.

Morgan Stanley and Standard Chartered Plc were hired as joint global coordinators of the offering.