SINGAPORE, July 7 (Reuters) - Singapore data centre real estate investment trust NTT DC REIT intends to raise gross proceeds of around $773 million from its initial public offering on the domestic bourse, it said on Monday.
NTT DC REIT, whose sponsor or backer, NTT Ltd is part of Japanese telecommunication giant Nippon Telegraph and Telephone Corp (NTT), has six data centres located in Austria, Singapore and the United States, which its statement on Monday said were valued at $1.57 billion in total.
The initial public offering, expected on July 14, will comprise 599.89 million units priced at $1.00 per unit, or S$1.276 per unit, the statement said.
It said cornerstone investors, which are large institutional investors that subscribe to an IPO offering before it is open to the public, collectively hold a 16.8% stake.
Among the cornerstone investors are Singapore sovereign wealth fund GIC (GIC.UL) with a 9.8% stake, making it second largest investor after NTT Ltd, which has 25%, according to the statement.
Reporting by Yong Jun Yuan and Yantoultra Ngui; editing by Barbara Lewis
Source: Reuters