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CapitaLand Commercial C-REIT IPO: Strong Demand Fuels Record-Breaking Debut in China

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CapitaLand Commercial C-REIT (CLCR) has achieved a significant milestone by raising approximately RMB 2.29 billion (USD 322 million) through its initial public offering (IPO) on the Shanghai Stock Exchange. The offering comprised 400 million units priced at RMB 5.718 each, surpassing the initial target by 7%.

Record-Breaking Oversubscription

The IPO witnessed unprecedented investor interest:

  • Institutional Investors: The offline tranche was oversubscribed by 254.5 times, marking the highest subscription rate among retail C-REITs in China.

  • Retail Investors: The public tranche closed ahead of schedule, with subscriptions oversubscribed by 535.2 times, indicating strong retail demand.

CapitaLand Commercial C-Reit's public offer 535 times subscribed; 2.29 billion yuan raised from its Shanghai IPO - The Business Times

Portfolio Highlights

CLCR's initial portfolio includes two prime retail properties:

  • CapitaMall SKY+ in Guangzhou

  • CapitaMall Yuhuating in Changsha

These malls collectively span 168,405 square meters with a combined value of approximately RMB 2.6 billion, boasting a 96% occupancy rate as of March 2025.

CapitaMall SKY+ | CapitaLand

Investor Allocation Breakdown

  • CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD): Jointly hold 20% of the IPO units.

  • Cornerstone Investors: Secured 40.11% of the units.

  • Institutional Investors: Allocated 27.92%.

  • Public Investors: Received 11.97% of the units.

CapitaLand Commercial C-REIT IPO breaks subscription records in China | Singapore Business Review

Strategic Implications

This IPO positions CLCR as China's first internationally sponsored retail REIT, aligning with CapitaLand Investment's strategy to leverage onshore capital markets to expand assets under management and enhance recurring fee income.

Trading Outlook

Trading for CLCR is set to commence on the Shanghai Stock Exchange under ticker 508091 by the end of September 2025.

References consulted:

  1. Reuters. Singapore’s CapitaLand Commercial C-REIT Raises $322 Million in Oversubscribed China IPO. 
  2. Straits Times. CapitaLand Commercial C-REIT's Public Offer in Shanghai 535 Times Subscribed.
  3. REITsWeek. CapitaLand Commercial C-REIT Sets Record with 254.5 Times Subscription in IPO. 
  4. Marketscreener. CapitaLand China Trust Commercial C-REIT Sets Record with 254.5 Times Offline Institutional Subscription. 
  5. SBR (Singapore Business Review). CapitaLand Commercial C-REIT IPO Breaks Subscription Records in China

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