NTT DC REIT, Singapore's largest REIT IPO since 2013, closed at US$1 — the price it was offered. Trading commenced at 2pm and the counter opened at US$1.02, before reaching U$1.03 within the opening seconds.
More than 118.43 million units were traded, making it the second-most actively traded counter today.
Besides SGX CEO Loh Boon Chye, the event was attended by Douglas Adams, president and CEO, NTT Global Data Centers, as well as many other members of the financial community were at the debut trading ceremony.
This IPO is 4.6 times subscribed.
A total of nearly 599.9 million NTT DC REIT units were sold at US$1 each, raising gross proceeds of some US$773 million.
NTT DC REIT is sponsored by NTT Limited, which is part of the NTT Group, a major global IT services and telecommunications group with a leading global data centre business.
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Yutaka Torigoe, CEO of NTT DC REIT's manager, calls the listing "a significant step in our growth journey and reflects our commitment to building a strong, future-focused platform".
"With the strong backing of our sponsor and access to its global data centre portfolio, we are well-positioned to pursue sustainable growth and deliver long term value to our investors. We look forward to engaging our investors and contributing to the vibrancy of Singapore’s capital market,” he adds.
NTT's Adams, who wears another hat as a non-independent director of the REIT manager, says the listing has been years in the making.
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"The market reception to NTT DC REIT’s debut reflects recognition of data centres as a key and growing asset class, as well as NTT DC REIT’s access to our established global platform.
"We are committed to supporting the growth of NTT DC REIT with a pipeline of high-quality, stabilised assets, so that it can scale alongside the rising demand for data centres worldwide,” says Adams.
Pol de Win, head of global sales and origination at SGX Group, says this listing "taps into the immense growth potential of data centres, an asset class gaining strong investor interest globally."
"As the first REIT by a global tech powerhouse like NTT, it underscores Singapore’s position as Asia’s leading REIT hub. This listing not only reflects the strength of our market but also expands investment opportunities in digital infrastructure for investors worldwide.”
With this listing, there are now a total of 41 listed REITs and property trusts on the SGX, with a total market cap of some $94 billion.
The joint issue managers for this landmark deal is BofA Securities and UBS; joint global coordinators BofA Securities, UBS and Mizuho, whereas joint book runners and underwriters are BofA, UBS, Mizuho, Citi and DBS.
Fergus Horrobin, chairman of global real estate, lodging & leisure at UBS Investment Bank, says they first approached NTT on this deal four years ago as the market was looking for more exposure to Asian operators.
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"NTT had a rapidly growing data centre business, the third largest in the world and an emerging leader in direct to chip liquid cooling. This technology has been transformative for the industry, but it is capital intensive.
"We were happy working with the excellent NTT team to bring in some very high quality long only demand into the bookbuild, in addition to the considerable interest coming from our wealth management clients," he adds.
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