Mapletree Logistics Trust - IPO Results

Extract fm SGX announcement,

MAPLETREE LOGISTICS TRUST

OFFERING PRICE
Following the close of the Offering (as defined in the prospectus of MLT dated 18 July 2005 (the “Prospectus”) at 8.00 a.m. on 22 July 2005, the Board of Directors of the Manager is pleased to announce that the Offering Price has been fixed at S$0.68 per Unit.

APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED
At the close of the Offering, 35,237 valid applications pursuant to the Public Offer were received for a total of approximately 1.341 billion Units (excluding the 17,697,000 Mapletree Reserved Units, which have been fully applied for by the Eligible Applicants). In addition, indications of interest pursuant to the Placement Tranche were received for a total of approximately 14.325 billion Units. The total demand for approximately 15.683 billion Units under the Offering represents approximately 43.88 times the 357,377,000 Units available for subscription under the Offering (assuming that the Over-allotment Option is fully exercised).

Demand from retail investors (including indications of interest from retail investors applying through institutions and brokerage firms pursuant to the Placement Tranche) amounted to approximately 9.335 billion Units representing approximately 60% of the total demand. Institutional investors accounted for the balance of approximately 40% of the total demand.

ALLOCATION BETWEEN THE PLACEMENT TRANCHE AND THE PUBLIC OFFER
Taking into consideration the applications for the Units under the Offering and the indications of interest received, and to ensure a reasonable spread of unitholders in MLT (“Unitholders”), DBS Bank Ltd ("DBS Bank") and UBS AG, acting through its business group, UBS Investment Bank "UBS", and together with DBS Bank, the "Underwriters"), intend to over-allot an additional 46,500,000 Units. As a result, the Underwriters, in consultation with the Manager, have decided that the aggregate of 357,377,000 Units under the Offering will be allocated to be issued or sold as follows:

(a) 307,377,000 Units under the Placement Tranche; and
(b) 50,000,000 Units under the Public Offer (inclusive of 17,697,000 Mapletree Reserved Units).

APPLICATION RESULTS FOR THE PUBLIC OFFER
To ensure a reasonable spread of Unitholders, the Underwriters, in consultation with the Manager, have decided that successful applicants who submitted valid applications for the 32,303,000 Units available under the Public Offer (excluding the Mapletree Reserved Units) complying in full with the terms and conditions set out in the Prospectus, and who have been successfully balloted, will be allocated all or a proportion of the Offer Units for which they have applied. The allocations are as follows:

Range of Units applied for under the Public Offer ('000)	Balloting Ratio	Number of Units allocated per Successful Applicant ('000)
1	10 : 50	1
2 to 9	12 : 50	1
10 to 49	22 : 50	2
50 to 99	26 : 50	3
100 to 499	30 : 50	3
500 to 999	32 : 50	4
1,000 and above	35 : 50	7

COMMENCEMENT OF TRADING AND REFUNDS
It is expected that the Units will be credited to the securities accounts of the successful applicants with The Central Depository (Pte) Limited ("CDP") by 9.00 a.m. on 28 July 2005. The Units are expected to commence trading on a "ready" basis at 9.00 a.m. on 28 July 2005, subject to the SGX-ST being satisfied that all conditions necessary for the commencement of trading in the Units on a "ready" basis have been fulfilled. It is expected that there will be NO trading on a "when issued" basis.

My Comments - Results already out, I already checked online under ESA Results (for DBS/POSB online application). Good chance of getting from ballot if you'd applied for 10lots or more, 44%-70% chance.

Very strong response, 41.5x from public applications & 46.6x from placements for overall 43.88x over-subscription. Will for sure open strongly when trading starts on 28-Jul.

Currently, local listed REITS are going for 4-5% yield (My est., based on last Friday's close are: CMT 3.953%, CCT 4.320%, A-REIT 4.793%, Suntec 5.087%), so expect MapleTree to move to aro' the same range, worst case, at least 5.5% (assuming all listed REITs price drop for their yield to move up closer to MapleTree's 6%). A-REIT (4.793%) is the closest benchmark as it's also in Industrial Assets. Yield vs Price data for MapleTree,

• 6.0 % => $0.68
• 5.5% => $0.7418 (+$0.06)
• 5.0% => $0.816 (+$0.135)
• 4.5% => $0.9067 (+$0.225)
• 4.0% => $1.02 (+$0.34)

The yield for Fortune REIT, where all assets are in HK is 5.325%.

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Disclaimer : The above is just my opinion only, do not rely on it for your investment decisions