Daishin Financial Group's first public offering of the Real Estate Investment Trust (REIT), Daishin Value REIT, recorded a competition rate of 6.37 to 1 in the public subscription for individual investors, it noted on the 25th. The subscription deposit was approximately 123 billion won.
The public subscription took place over two days, June 23-24, with a total of 17,463 applications received. The number of shares offered was 7.72 million, and there were a total of 49,182,730 shares subscribed. The subscription was conducted through DAISHIN SECURITIES and Korea Investment & Securities (co-lead managers), and Samsung Securities (co-manager).
Daishin Value REIT recorded a competition rate of 7.43 to 1 in the results of the institutional demand forecasting conducted on the 12th to 13th. A total of 174 domestic and international institutions participated in this demand forecasting, requesting 860 million shares. The public offering price per share is 5,000 won, bringing the total order size to 430 billion won.
Daishin Value REIT will use the funds raised from this public offering to repay the privately placed bonds issued when acquiring 100% equity of 'Jaerits (Daishin Value REIT Private Placement No. 1)' which has Daishin343 as its underlying asset. In the future, it plans to sequentially incorporate key assets in downtown Seoul held by the sponsor group to rapidly expand the REIT's asset scale.
A representative of Daishin Value REIT said, "Daishin Value REIT will build a portfolio with stability and profitability centered on prime offices, and in the medium to long term, we aim to grow into a large-scale listed REIT with assets exceeding 2 trillion won."
Daishin Value REIT has 'Daishin343', the headquarters building of Daishin Group, as its underlying asset located in the center of Seoul. A REIT is a company that collects investment funds to generate revenue through real estate assets. Daishin Value REIT is scheduled to be listed on the KOSPI market after subscription payments on the 26th and on July 10.