NTT DC REIT IPO - A closer look at the balloting results

What happened?

There has been a fair bit of discussion about the NTT Data Center REIT (NTT DC REIT) IPO on the Singapore Exchange (SGX).

After all, this is set to be the largest Singapore REIT listing in a decade.

Since this afternoon, I noticed that there has been some sharing in the Beansprout community about the allotment of the IPO.

The official balloting outcome of the public offer for the NTT DC REIT IPO was finally out this evening.

If you have been following the NTT DC REIT IPO, here's a summary of the balloting results. 

NTT DC REIT IPO Allotment

NTT DC REIT has announced the completion of its initial public offering (IPO), with strong interest recorded across both the placement and public tranches.

A total of 599.89 million units were offered. This included approximately 569.9 million units under the placement tranche to institutional and international investors, and 30 million units offered to the public in Singapore.

The public tranche received 14,166 valid applications for the 30 million units available. In total, applicants applied for approximately 294.8 million units, resulting in the public offer being about 9.8 times subscribed.

Applicants who applied for between 1,000 to 4,900 units received an allotment of 1,000 units if successful. This group made up 5.6% of the total units available under the public offer, with 1,696 people getting an allocation.

The largest group of successful applicants came from those who applied for 10,000 to 19,900 units. This group received 4,000 units each and accounted for 26.2% of the total public offer.

The next largest group was those who applied for 20,000 to 49,900 units, who received 6,000 units each and accounted for 24.6% of the total units.

Fewer applicants received larger allocations. For example, only 4 successful applicants applied for 1 million units or more, and they each received 31,000 units. This group made up just 0.4% of the total public offer.

The placement tranche also saw healthy demand, with orders exceeding US$2.2 billion, around four times the number of units available for allocation. 

Overall, the IPO was approximately 4.6 times subscribed.

To meet part of the demand from institutional investors, an additional 51.5 million units were allocated through an over-allotment option. 

These units were borrowed from the sponsor, NTT Limited, under a unit lending arrangement. The borrowed units may be returned either by repurchasing units in the market or through the issue of additional units at a later stage.

NTT DC REIT expected to begin trading on the SGX on 14 July

NTT DC REIT is expected to commence trading on the SGX Mainboard at 2 pm on 14 July 2025. 

To learn more about NTT DC REIT, check out in-depth analysis here. 

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