GSAUTO

By Yantoultra Ngui and Jun Yuan Yong

SINGAPORE, March 12 (Reuters) - Shares in Singaporean industrial and logistics real estate investment trust UI Boustead REIT UIBO.SI opened at S$0.805 on Thursday in its market debut, down from its initial public offering price of S$0.88 per share.

On Wednesday, UIB REIT Management, the manager of UI Boustead REIT, said the IPO raised S$973.6 million ($763.49 million), assuming over-allotment option not exercised.

The listing is the first mainboard and REIT IPO in SGX this year, Singapore's largest listing year-to-date, and also the biggest REIT IPO since NTT DC REIT's $773 million offering in July 2025.

Here are some details:

• UI Boustead REIT changed hands at S$0.82 after 10 minutes of trading on the Singapore Exchange, versus its S$0.88 per share issue price. The benchmark stock index .STI was down 0.5%.

• Proceeds to be used for buying properties; paying refundable consumption tax, issue expenses and transaction costs; and for working capital and cash reserves.

• The REIT's portfolio comprises 23 properties valued at S$1.9 billion, including 21 leasehold assets in Singapore and two freehold properties in Japan.

• Key tenants include GlaxoSmithKline GSK.L and Razer, with the portfolio's top 10 tenants contributing 54% of net property income.

• "Investors were attracted to the quality of the REIT's IPO portfolio and growth prospects," said Jingkai Yew, head of Southeast Asia equity capital markets at Citi. "The IPO highlights Singapore’s strength as a leading global exchange for REIT listings, and its proven track record for drawing global institutional capital into the sector."

• DBS DBSM.SI and UOB UOBH.SI are serving as joint issue managers for the IPO, while DBS, UOB and Citi C.N are acting as joint global coordinators. The joint bookrunners and underwriters are DBS, UOB, Citi, CGS International, Goldman Sachs GS.N and Maybank MBBM.KL.

• The Singapore Exchange has seen growing interest from potential issuers after a series of moves by the government and the exchange to strengthen the equities market.

($1 = 1.2752 Singapore dollars)

(Reporting by Jun Yuan Yong and Yantoultra Ngui; Editing by Kevin Buckland)

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