IGB Commercial REIT Units Slip Below IPO Price In Stock Exchange Debut (The Edge Markets)
September 20, 2021 – IGB Commercial Real Estate Investment Trust’s (IGBCR) stock exchange debut saw its unit price slipping below the institutional portion of its initial public offering (IPO) price during the morning trading session today.
The price of the institutional portion of its IPO was set at 71 sen apiece.
At 10.10am, IGBCR’s unit price stood at 70 sen apiece, with a total of 11.12 million units traded.
The counter opened at 73 sen today and hit a high of 74 sen. However, it slipped quickly to 70 sen by mid-morning.
Notably, the institutional price of 71 sen price was lower than the indicative price of 83 sen apiece set for its book-building exercise.
IGBCR units were also offered to shareholders of IGB Bhd through a restricted offer for sale (ROFS), where IGB Bhd shareholders were entitled to subscribe to two ROFS units at RM1 each for every five shares held. In addition, shareholders who subscribed to the ROFS were entitled to distribution in species (DIS) on the basis of three DIS units for every two ROFS units subscribed.
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