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IPO Chilli Ratings

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UI Boustead REIT — Singapore's Biggest REIT IPO in Years. Is It Worth Applying For?

UI Boustead REIT ("UIB REIT") launched its IPO at $0.88 per unit and the IPO is open for public subscription from now till  10 March 2026 noon , with trading commencing on 12 March 2026 . This is one of the largest REIT IPOs we have seen in some time. As always, I will walk through the background of the REIT, share what I find compelling, flag the areas of concern, benchmark it against listed peers, and close with the chilli rating. The post is generated with the aid of AI but vetted by Mr. IPO About UI Boustead REIT UI Boustead REIT is a Singapore-focused industrial and business park REIT backed by the sponsor entity UIB Holdings — a joint venture between Macquarie Asset Management (managing over US$588 billion in assets globally) and Boustead Singapore , a long-established SGX-listed engineering and real estate group. The pairing brings Macquarie's institutional capital markets expertise together with Boustead's deep operational knowledge of Singapore...
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Wanxiang International Ltd


Wanxiang International Ltd manufactures flavours and fragrances. The Company's products are sold to wholesalers and dealers; as raw materials in other fragrances and as raw materials in consumer goods. The prospectus is here.

Public offer: 4.6m shares at 29 cents each
Placement offer: 87.4m shares
Manager: Mitsubishi UFJ Securities (Singapore) Limited

This is the 'first of its kind' on SGX for flavours and fragrances, in this regard, you will not find any comparables here. Interestingly, the Company said that it has 6 major competitors for its major products and 3 comes from India!
Revenue for 2006 is RMB 313m and net profit after tax is RMB 44.2m. Based on post-IPO shares of 334.8m, the EPS is RMB 13.22 cents (or 2.65 Singapore cents). Assuming a decent 20% growth rate in top and bottom line for the next 2 years, the EPS for 2007 will be around 3.18 Singapore cents and for 2008, the EPS will be around 3.8 Singapore cents . Since this is the first of its kind here, i will give it some premium in valuation and based on a 10-15x PE multiple, the fair value for range between 32 cents and 47 cents based on 2007 figures and between 38 cents and 57 cents based on 2008 earnings projections.
Don't miss it but it will be super difficult to get this from the ATM. (whats new?!) :)
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