Singapore’s Centurion REIT Jumps After $600 Million Listing

Singapore’s second-largest stock listing of the year debuted with a bang, bringing the city-state’s proceeds from first-time share sales to a six-year high.

Units of Centurion Accommodation REIT, a spinoff from worker and student housing provider Centurion Corp., rose 9.1% Thursday from their initial public offering price of S$0.88 apiece. The IPO, conducted by the real-estate investment trust’s manager Centurion Asset Management Pte., raised S$771.1 million ($599 million).

The REIT’s listing has boosted Singapore’s IPO proceeds to $1.4 billion so far this year, already exceeding 2024’s total of $34 million, according to data compiled by Bloomberg.

“The ...