Frasers Centrepoint, the property arm of Singapore's conglomerate Fraser and Neave (F&N), made its debut in Singapore Exchange's mainboard on Thursday, pricing at 1. 61 Singapore dollars (1.27 U.S. dollars).
According to the company's public profile, the stock value is around 4.6 billion Singapore dollars (3.62 billion U.S. dollars). Its total asset is about 10 billion Singapore dollars (7.87 billion U.S. dollars) as at the end of last June.
Frasers Centrepoint, incorporated early in 1963, is a Singapore real estate company focused on residential, commercial and hospitality property spanning 19 countries across Asia, Australia, Europe, and the Middle-East.
With the "de-merger", F&N will have a clean break from the property business, and be left with its food and beverage and printing and publishing businesses.
F&N is now controlled by Thai billionaire Charoen Sirivadhanabhakdi, who won the company early last year after a long time bidding.
"This marks a significant milestone in our corporate history, as we begin a new chapter as a full-fledged international real estate group listed on SGX. The listing will further raise our profile and provide us with an effective platform to tap the capital markets in the future as we expand our asset portfolio and pursue growth opportunities," Lim Ee Seng, Group CEO of Frasers Centrepoint said.
The company closed at 1.485 Singapore dollars (1.17 U.S. dollars) on Thursday.