SINGAPORE (Nov 8): The manager of Keppel-KBS US REIT says its Initial Public Offering of 262.8 million units attracted positive demand from both institutional and retail investors.

See: Keppel-KBS US REIT launches US$533.1 mil IPO

At the close of the Public Offer at 12 noon on Tuesday, 9,064 valid applications for a total of 227.8 million units amounting to US$200.4 million ($273 million) were received, resulting in the Public Offer being 6.7 times subscribed, says Keppel-KBS US REIT Management.

Meanwhile, its international placement, which was oversubscribed, drew positive demand from institutional investors, adds the manager.

Combined with the relevant entities units of 119.4 million units and cornerstone units of 246.4 million units, a total of 628.6 million units at US$0.88 each were issued to raise gross proceeds of US$553.1 million.

Trading of Keppel-KBS US REIT will start at 2pm on Thursday.