PARADIGM Real Estate Investment Trust (Paradigm REIT), which owns three fully or nearly fully occupied malls — Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, and Bukit Tinggi Shopping Centre — has launched its IPO to raise up to RM560 million ahead of its Main Market listing on June 10.
The IPO, priced indicatively at RM1 per unit, comprises both retail and institutional tranches.
Applications are open until May 23, with the final price to be determined on May 27 via bookbuilding.
The IPO does not involve new unit issuance, and all proceeds will go to WCT Holdings Bhd, the sponsor of the REIT.
The retail offering comprises 254.66 million units — including entitlements for WCT shareholders, eligible persons, and the Malaysian public — while 305.34 million units are allocated to institutional investors, with 200 million reserved for Bumiputera investors.
Paradigm REIT’s assets are valued at RM2.4 billion, and it offers an estimated annualised yield of over 7% for FY2025.
Post-listing, WCT executive chairman Tan Sri Desmond Lim will hold a 65% indirect stake via Dominion Nexus Sdn Bhd and Legacy Pacific Ltd.
Maybank IB is the principal adviser and lead bookrunner. CGS International, AmInvestment Bank, and RHB Investment Bank are joint bookrunners. — TMR
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