The planned listing of IOIPG Malaysia Real Estate Investment Trust could bring about RM2.1 billion to IOI Properties Group Berhad, which is selling units it owns in the trust.
IOI Properties opened the offer Nov. 3 for up to 2.2 billion units, against a planned total of 5.5 billion trust units. At the stated RM0.96 retail price, a full base offer would total RM2.112 billion before any lower final price. The amount raised will depend on the final price and number of units sold. IOI Properties would retain 3.3 billion units, or 60% of the trust, if it sells the full base offer.
The prospectus allocates about 715.6 million units to retail investors and up to 1.48 billion to institutions, subject to reallocation and an over-allotment option. Eligible shareholders can apply for 550.6 million units at a ratio of one trust unit for every 10 IOI Properties shares held on Oct. 30, 2026. The Malaysian public has a separate 110 million-unit allocation, half reserved for Bumiputera applicants. The final retail price will be the lower of RM0.96 or the price set through institutional bookbuilding.
The initial portfolio comprises nine properties appraised at about RM7.66 billion as of May 31, 2026: IOI City Mall, six hotels and two office properties. The trust is expected to hold the properties and projects debt of about RM2.65 billion at listing. It forecasts a 6.6% distribution yield for the financial year ending Dec. 31, 2027, assuming it distributes all distributable income.
In a Sept. 14 exchange filing, IOI Properties said its board had added future property-related investments and acquisitions to planned uses of proceeds from property disposals and the unit offer. The developer receives the sale proceeds, while the trust is expected to carry the properties and projected debt. The IPO timetable sets applications to close Nov. 10, with balloting scheduled for Nov. 12 and a tentative listing on Bursa Malaysia’s Main Market on Nov. 25.
