KUALA LUMPUR, Starhill Real Estate Investment Trust (STAREIT - Stock Code: 5109) made a commendable debut on the Bursa Malaysia today, opening at RM1.07, which was 11 sen or 11.45% above its retail offer price of 96 sen.
At 9 o'clock this morning, YTL Corporation executive chairman Tan Sri Dato' Seri (Dr.) Yeoh Tiong Lay struck the gong at Bursa Malaysia to mark the debut of Malaysia's biggest-ever real estate investment trust on the Main Board of the exchange.
Also present at the listing ceremony were YTL Corporation managing director Tan Sri (Dr.) Francis Yeoh, Bursa Malaysia chief executive officer Yusli Mohamed Yusoff, as well as YTL board of directors, and Chairman of AmInvestment Group, Tan Sri Dato' Azman Hashim; chairman of ECM Libra Bhd Dato' Kalimullah Hassan and HSBC Bank Malaysia deputy chairman and chief executive officer Zarir J. Cama.
At the opening bell, there were 4.19 million units done. The counter remained active throughout the day despite a weak market. The share price closed at RM1.03 with 97.9 million shares bring traded, making it the most active stock for the day.
The initial public offering comprised a combined total of 509,599,000 units available under the retail and institutional offers. A total of 29,999,000 units were offered to the Malaysian Public under the retail offer (Retail Offer), whilst the remaining 479,600,000 units were made available to Malaysian and foreign investors under the institutional offer (Institutional Offer).
The subscription rate for the Retail Offer was 6.27 times, drawing over 22,800 applications from the public, seeking 218.2 million units.
Meanwhile, the final subscription rate for the Institutional Offer was around 8.8 times which was priced at RM1.01 per unit (Institutional Price), drawing demand in excess of 4,218 million units from domestic and international investors.
Chang Tou Chen, managing director and head of Southeast Asian corporate finance and advisory at HSBC's investment-banking arm; ECM Libra Group chief operating officer David Chua, and DBC Bank Debt Capital Markets managing director Eng Seat Moy who accompanied Tan Sri Francis Yeoh on the roadshow during the bookbuilding period were also present witness the ceremony.
The Joint Bookrunners for the offering were ECM Libra Securities Sdn Bhd, DBS Bank Ltd and the Hong Kong and Shanghai Banking Corporation Ltd with AmMerchant Bhd Group as the Senior Co-lead Manager. ECM Libra was also the lead financial adviser for this offering.