IOIPG REIT fixes final IPO price at 91 sen; public offer subscribed 1.59 times

IOIPG Malaysia REIT has set its final retail IPO price at 91 sen per unit, five sen below the initial price, implying a 6.96% projected yield. The Malaysian public offering was 1.59 times subscribed, and the sponsor expects to raise about RM2 billion in what would be Malaysia's largest REIT IPO.

PETALING JAYA (Nov 12) — IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) has fixed its final retail initial public offering (IPO) price at 91 sen per unit, five sen below the initial retail price. The Malaysian public offering was subscribed 1.59 times, according to a Bursa Malaysia filing on Thursday (Nov 12).

The final price translates into a projected distribution yield of 6.96% and an expected market capitalisation of about RM5 billion upon listing on Bursa Malaysia’s Main Market. At the final price, sponsor IOI Properties Group Bhd (IOIPG) is expected to raise approximately RM2 billion from the offering, which Malaysian Issuing House Sdn Bhd (MIH) said is on track to become Malaysia’s largest REIT IPO.

MIH received 10,859 applications for 175 million units against the 110 million units available to the Malaysian public. The non-Bumiputera portion attracted 9,114 applications for 156.76 million units, representing a subscription rate of 2.85 times. The Bumiputera portion received 1,745 applications for 18.24 million units, a subscription rate of 0.33 times, with the unsubscribed balance reallocated under prospectus provisions.

Bumiputera public applications were fully allotted, as were non-Bumiputera public applications for up to 10,000 units; larger non-Bumiputera applications received partial allocations. Final allocations remain subject to Bursa’s verification and any subsequent rejection. Successful retail applicants will receive a refund of five sen for each unit allotted, without interest, within 10 market days from the final ballot of applications.

The restricted offering to entitled IOIPG shareholders attracted valid applications for 604.18 million units against 550.61 million units available, made on the basis of one REIT unit for every 10 IOIPG shares held. The 55 million units reserved under the restricted pink form offering for eligible directors, employees and business associates were fully subscribed. MIH said the institutional offering of up to 1.48 billion units was also fully subscribed following clawback and reallocation, with interest coming predominantly from long-only investors including government-linked investment companies and insurers.

The projected yield is based on an annualised projected distribution per unit of 6.33 sen for the financial period from Sept 11, 2026 to June 30, 2027. Notices of allotment will be mailed to successful applicants by Nov 24, 2026.