IOIPG Malaysia REIT sets Main Market IPO at 96 sen apiece

Tuesday 03 Nov 2026

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KUALA LUMPUR (Nov 3): IOIPG Malaysia Real Estate Investment Trust has priced its shares at 96 sen apiece for its Main Market listing.

The initial public offering (IPO) is expected to raise RM2.1 billion for IOI Properties Group Bhd (KL:IOIPG), the sponsor of the REIT, according to the prospectus unveiled on Tuesday. The trust itself is not raising any capital from the IPO.

IOIPG Malaysia REIT will have a market capitalisation of RM5.3 billion based on the IPO price upon listing.

The spin-off listing is part of IOI Properties’ efforts to deleverage and bolster its balance sheet following an earlier acquisition spree. The company is considering a separate REIT listing for its Singapore properties next.

IOIPG Malaysia REIT’s initial portfolio will anchored by IOI City Mall in Putrajaya, Malaysia’s largest shopping mall, alongside six hotels operating under Marriott International’s family of brands and two office properties. Together, the nine properties have combined value of RM7.66 billion.

The trust will carry debt of RM2.65 billion on its books upon listing and has a right of first refusal over select properties held by the sponsor, including IOI Mall Puchong, IOI Mall Damansara, IOI Mall Kulai and Palm Garden Hotel Putrajaya, providing a potential pipeline for future portfolio expansion.

For the financial year ending Dec 31, 2027 (FY2027), the REIT is projected to offer a distribution yield of 6.6%. The policy is to pay at least 90% of the distributable income on quarterly basis to unitholders.

Applications for both retail and institutional offerings will close on Nov 10. The final price will be the lower of the retail price or the institutional price following bookbuilding. Listing is scheduled for Nov 25.

The institutional tranche, including units reserved for approved Bumiputera investors, makes up more than two-thirds of the IPO shares on offer.

Under the retail offering, entitled IOI Properties shareholders are offered one REIT unit for every 10 shares held while the general public investors are allocated just 5% of the IPO shares on offer. Eligible persons under ‘pink form allocation’ will get to purchase the rest.

Maybank Investment Bank Bhd and AmInvestment Bank Bhd are the joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the IPO.

DBS Bank Ltd is a joint global coordinator and joint bookrunner.

CIMB Investment Bank Bhd, Hong Leong Investment Bank Bhd, RHB Investment Bank Bhd and UOB Kay Hian (M) Sdn Bhd are the joint bookrunners and joint underwriters. Oversea-Chinese Banking Corporation Ltd is also a joint bookrunner.

Edited ByJason Ng

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