Overseas Union Enterprise (OUE) announced that they will raise approximately SGD600.2 million or US$476 million after the pricing of its initial public offering. The company set the price of the IPO below the suggested price range. The OUE Hospitality Trust is set to sell 682 million shares priced at SGD 0.88 per share. Overseas Union Enterprise Limited, OUE Hospitality Trust's parent company, plans to buy the remaining 682 million shares.

The OUE pricing came a day after the Singapore Press Holdings announced that its REIT (real estate investment trust) will raise an estimated US$400 million. The pricing for SPH's IPO was set at the top of indicated range for price.

The Overseas Union Enterprise Limited (OUE) is a real estate owner, operator and developer for prime assets in Singapore. The company holds an extensive portfolio for key assets all around Asia. The company also handles business in Malaysia and in the People's Republic of China.