UI Boustead REIT Sinks in Debut After $764 Million Singapore IPO

UI Boustead REIT plunged in its debut after an initial public offering that raised about S$973.6 million ($764 million), Singapore’s biggest this year so far.

Units of the real estate investment trust fell to a low of more than 9% below the S$0.88 offer price on Thursday before paring some of that decline to close with an 8.5% loss at S$0.81. That compares with a weighted average first-day gain of 4.5% for Singapore IPOs over the past year.