The Government of Singapore Investment Corp (GIC) said it has bought 3 million 'Class A' shares of Hyatt Hotels Corp (H.N), which raised US$950 million ($1.3 billion) this month in an initial public offering.

In a regulatory filing to the U.S. Securities and Exchange Commission, GIC said the purchase represented a 6.9% passive stake in Hyatt.

Hyatt Hotels sold 38 million shares at US$25 per share in its IPO, with the proceeds going to the Pritzker family which controls the company. 

 

GIC, which is the bigger of Singapore's two sovereign wealth funds, has become more active in capital markets in the past few months after turning cautious last year when it lost money in financials such as UBS (UBSN.VX).

It has also invested in Chinese property developer Longfor Properties’ (0960.HK) US$912 million IPO, which priced on Thursday.