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IPO Chilli Ratings

IPO Chilli Ratings
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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Far East Hospitality Trust (Preview)

I took a quick glance at the draft IPO prospectus.

Just the structure alone, its is much better than the Ascendas Hospitality Trust where all the hotels are parked under the Hotel Reit and not under the business trust.

According to the email, the price will range from 86c (6% annualised yield) and 93c (6.5% annualised yield) for FY 12E.

The presence of reputable cornerstone investors are also very reassuring and it will be them who will dictate the pricing.

CDL H-Trust is trading at 5.7% yield and Ascott Residence Trust is trading at 7.2% yield. In this regard, my only complaint is that the yields are on the 'low side'. It will be good if Far East can leave some meat on the table by pricing the issue at the mid to lower end of 86 cents. If it prices it at 93c, i am afraid the upside is probably limited. My guess is 88c ? :-P

Anyway, with regards to this email, probably i will ask for some allocation and hope that it will be priced at the lower end. The hotels are mid-scale but well-located (mostly) within the Orchard area except for one Changi Village Hotel... :-P

Happy IPOing. I will give the chilly ratings when the final pricing is out but it will likely be either 1 or 2 chillis rating.

Subsequent update to this post

 Please find a fact sheet about this IPO from OCBC.
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Comments

Hamz said…
Will it be a good investment? I'm new to stocks and have been looking at the recent ipos.. Not sure if I should try to apply for this.. Amy advice?
6 August 2012 at 23:43
Mr. IPO said…
Will let u have the chilli ratings when the final pricing is out.
7 August 2012 at 21:51
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