The listing of Mapletree Greater China Commercial Trust would be the first major IPO in Singapore this year.
On Thursday, shares in China-focused Mapletree Greater China Commercial Trust closed up 11% in their trading debut in Singapore.
Mapletree Greater China Commercial Trust closed Thursday at 1.03 Singapore dollars a share.
Another 50.3 million units were reserved for Mapletree Investments' employees and business associates.
Property developer Mapletree Investments, owned by Singapore state investment company Temasek Holdings Pte.
Both properties were owned by Mapletree Investments, which will own 32% to 35% of the trust, depending on whether an overallotment option is exercised.
Mapletree Greater China's placement tranche of 511.3 million units was 38.1 times subscribed, while the public offer of 215 million units was about 8.9 times subscribed.
Topping Singapore's IPO list this year is Mapletree Investments Pte.
In the case of Mapletree Greater China, Mr. Crockett said investors likely favored the trust's promise of good yields amid low interest rates, as well as the prospect of further growth by purchasing more assets from its sponsor, Mapletree Investments.
The success of Mapletree Greater China's IPO, which is also Singapore's biggest REIT listing on record, "would give a positive spin on the Singapore REIT market" and set the stage for further REIT listings this year, said Nick Crockett, executive director at CBRE Capital Advisors, a property consultancy firm.
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