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)