Centurion REIT eyes $1.18 billion valuation, raising $771.1 million in Singapore IPO

Centurion Accommodation REIT said it is aiming for a valuation of up to S$1.51 billion ($1.18 billion) in its initial public offering in Singapore, potentially making it one of the largest listings in the country this year.

The company aims to raise S$771.1 million by offering 216.2 million shares to institutional investors at S$0.88 each, according to its prospectus filed on Thursday.

Additionally, cornerstone investors, who are large institutional investors subscribing to an IPO before it opens to the public, will purchase 614 million units at the same price.


Following the offering, the REIT is set to overtake NTT DC REIT's current market capitalisation of $978.7 million, after the latter's debut in July, which raised S$773 million and marked Singapore's largest IPO in four years.

DBS Bank, UBS and FIL Investment Management (Hong Kong) are a few of the big stakeholders.

The real estate investment firm was spun-off from Singapore-headquartered Centurion Corp which manages a multitude of purpose-built worker accommodations across Singapore, Malaysia and China.

Shares of Centurion Corp soared as much as 7.4% to its record high on Thursday but pared gains to close 2.3% higher.

Listings in Singapore have gained traction since a set of measures was announced in February to rejuvenate its equities market.