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Checked with dealer. Good reit cos indonesian and strong institutional interest supporting this reit. Furthermore, it's by Lippo group. Another reason to apply is because of the bull market. Grey market could be 85-90 cents it seems..
Since it is priced at the low range of its indicative pricing, I suppose the response from its placement share is not so well received.
Hi,
IPO price 71 cents. Worth subscribing? Any idea what's the grey market price for the IPO?
Rgds
The Lippo Group will raise as much as $110.92m from the IPO of its hospital and hotel REIT here.
Lippo's hospital and hotel assets will be injected into First REIT, according to First REIT's preliminary IPO prospectus filed with the MAS earlier this week.
First REIT plans to sell 140.4m shares at between $0.68-$0.79 during the IPO.
Among the assets it will hold will be the Slioam Hospitals Lippo Karawaci, Siloam Hospitals West Jakarta, Siloam Hospitals Surabaya and Imperial Aryaduta Hotel and County Club. These assets, currently valued at about $257m, belong to Lippo Group property unit Lippo Karawaci.
First REIT projects a dividend yield of 7.75% this year, based on the maximum IPO price and 9% based on the minimum IPO price. For 2007, the yield will be 8.24% based on the maximum IPO price and 9.57% based on the minimum IPO price.