Keppel DC REIT preferential offering met with solid demand

Singapore one dollar bill

Keppel DC REIT said late Wednesday its preferential offering of 141.99 million new units at S$1.71 each met with solid demand, coming in at 175.4 percent subscribed.

Valid acceptances were for a total of 131.14 million new units, while applications for excess new units were at 117.89 million, the REIT said in a filing to SGX.

The preferential offering, which raised gross proceeds of around S$242.8 million, was on the basis of 105 new units for every 1,000 existing units in the REIT, the filing said.

The new units are expected to be listed on SGX on 15 October, Keppel DC REIT said.

In mid-September, Keppel DC REIT said it planned to raise around S$473.8 million via an equity fundraising including a private placement and a preferential offering to finance the proposed acquisitions of two data centers.

The private placement of 135 million new units, completed in mid-September, met with strong demand, with the offering fully covered at S$1.744, the top of its pricing range within an hour, the REIT had said.

The private placement was expected to raise around S$235.4 million.

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