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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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Yong Xin International Holdings Ltd


(Yong Xin IPO booth at Raffles Place)

Yong Xin International Holdings Ltd manufactures high precision steel strips and its main products are chrome plated steel strips and cold rolled steel strips. The prospectus is here.
Public offer : 2m shares at 30 cents
Placement offer: 58m shares at 30 cents
Manager: Sterling Coleman
Closing date: 26 July 2007



This is another good quality IPO from Sterling Coleman. It seemed that this boutique IPO firm is on the right track and hitting the market with a series of quality Chinese IPO companies. Unfortunately the number of shares available for the public tranche is really pathetic and the probability of getting it from the ATM is extremely low. The listed peers in Singapore are mainly Link Hi Holdings and Cosmo Steel Holdings. Currently steel products are in high demand in China since China is the factory of the world and this is no exception.

(peer comparison)
Based on a 15x forward PE for 2007 EPS, my fair value for this company is 60 cents. (vested).
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