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SINGAPORE: CapitaLand said on Tuesday it has priced the initial public offering (IPO) of its Asian shopping mall unit, CapitaMalls Asia, at S$2.12 each to raise up to S$2.8 billion.
CapitaLand said it is offering an aggregate of 1.165 billion shares in the IPO, which are fully underwritten.
Based on the unaudited book value of CapitaMalls Asia as at the end of September, the offering price translates to an implied price-to-book value of 1.55 times.
The Singapore public offer opens on Wednesday at 9am and closes next Monday at noon. Listing of CapitaMalls Asia is expected next Wednesday.
CapitaLand will retain a 70 per cent stake in the company if the over-allotment option for the IPO is not exercised.
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