Accordia Golf seeks to list golf assets in Singapore in $627 mln IPO

-A +A

SINGAPORE (June 30): Japan's Accordia Golf Co Ltd is looking to list its golf course assets in Singapore using the business trust model, aiming to raise as much S$782 million ($627 million), according to its prospectus.

The first business trust in Asia to contain golf courses, Accordia Golf Trust's IPO will sell 782 million units at an indicative price range of between S$0.97 to S$1 a unit, the prospectus said.

The plans come as Singapore's IPO market is witnessing its slowest start since the first half of 2012, managing to list just six companies from January till June 20, fewer than Thailand and Bangladesh which have had nine each, and far behind Hong Kong which has had 30, according to Thomson Reuters data.

Japan-listed Accordia Golf had earlier announced that it plans to sell 90 out of its 133 golf courses to a business trust and list it by August.

Citigroup and Daiwa Capital Markets are banks working on the IPO. ($1 = 1.2482 Singapore Dollars)