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Malaysia's largest REIT IPO

TA Securities Sees 12.5% Upside for IOIPG REIT Ahead of Its 25 November Listing

RaymondRates.my5 min read
IOIPG Malaysia REIT IPO page: the live terms, timetable, ballot result and first-day close, checked daily →

IOIPG Malaysia REIT lists on the Main Market on 25 November 2026 at 96 sen a unit — the largest Malaysian REIT IPO to date, Maybank Investment Bank’s chief executive said. Applications close at 5pm today, 10 November. TA Securities already has a fair value out: RM1.08, 12.5% above the retail price.

96 sen
IPO price
retail and institutional
RM5.3bn
Market cap at listing
2.2 billion units
6.60%
FY2027 forecast yield
100% payout basis

Price, size and dates

The four dates2026, not to scale3 NovProspectus launchedapplications open10 NovApplications close5pm, today12 NovBalloting25 NovMain Market debutcode 5359, IOIREITSources: The Star, 3 Nov 2026 (prospectus, applications); MIH issuing-house registry (balloting).
Applications opened the same day the prospectus launched; the shares start trading two weeks after balloting.
TermFigureNote
Retail price96 senSame for the institutional tranche
Market cap at listingRM5.3bnAt the 96 sen price, 2.2bn units
Offer for saleup to 2.2bn unitsExisting units, by sponsor IOI Properties Group
Listing25 Nov 2026Main Market, code 5359, ticker IOIREIT
Lead advisersMaybank IB, AmInvestmentJoint global coordinators and bookrunners
  • Six banks signed the underwriting pact on 12 October, a month before the prospectus launched.
  • IOI Properties, the sponsor, collects the RM2.1 billion raised; the REIT itself gets none of it.

Who gets the 2.2 billion units

Retail offering — 715.61m units550.6m110.0mExisting IOIPG shareholders (1 unit per 10 shares): 550.61mMalaysian public (incl. 55.0m Bumiputera): 110.00mDirectors, employees, business associates: 55.00mInstitutional offering — up to 1.48bn units796.89m687.50mOther Malaysian & foreign institutions: 796.89mBumiputera institutions (MITI-approved): 687.50mSource: The Star, 3 Nov 2026, as reported in IOIPG REIT's prospectus.
715.61 million retail units, up to 1.48 billion institutional units.
  • IOIPG keeps about 60% of the REIT after listing, retaining control of the trust it sponsors.
  • Existing IOIPG shareholders get one REIT unit for every 10 shares held on 30 October 2026.
A multi-level shopping mall atrium with escalators, retail stores and a decorative ceiling installation
IOI City Mall in Putrajaya is the portfolio's anchor asset, valued at RM5.15 billion as at 31 May 2026. · Photo: Unsplash

A RM7.66 billion portfolio

RM7.66 billion portfolio, 31 May 2026RM7.66bn9 properties67.2%IOI City MallRM5.15bn32.8%6 hotels + 2 office propertiesRM2.51bnSources: The Star and The Edge Malaysia, 3 Nov 2026, citing the prospectus's May 2026 appraisal.
Nine freehold properties in Selangor, Kuala Lumpur and Penang.
  • IOI City Mall alone is valued at RM5.15 billion, about two-thirds of the nine-property portfolio.
  • The mall was 97.9% leased as at 31 May 2026 — Malaysia’s largest shopping mall by floor area.
  • Six Marriott-branded hotels, 1,920 rooms combined, are leased back to IOI Properties under master lease deals.
“The IOIPG REIT unlocks the value of our mature and proven high-quality assets, benefiting those who are looking for long-term growth and a locally-grown property group with an established track record.”
— Chris Chong, CEO, IOIPG REIT Management Sdn Bhd — The Star, 3 Nov 2026

Fair value: TA Securities’ first call

IOIPG REIT vs TA Securities' peer averagePeers: Sunway REIT, IGB REIT, Pavilion REIT, KLCCP Stapled GroupIOIPG REITPeer averageForecast yield, FY20276.6%6.2%Price-to-NAV1.10x1.35xPrice-earnings ratio16.0x19.4xSource: TA Securities note, 6 Nov 2026, reported by The Edge Malaysia.
TA Securities' own comparison basket, from its 6 November 2026 note.
  • TA Securities bases its fair value on a 6% target yield and 6.47 sen of forecast FY2027 distributions.
  • Sunway REIT, IGB REIT, Pavilion REIT and KLCCP Stapled Group make up TA’s four-REIT comparison basket.

What to watch

  • 10 Nov 2026Applications close at 5pm.
  • 12 Nov 2026Balloting. The subscription rate is the first number to read.
  • 25 Nov 2026Main Market debut, code 5359. Reference price 96 sen.
  • By 2027First full year as a listed REIT, against TA Securities’ 6.47 sen FY2027 forecast.
Not financial advice. Figures are from IOIPG REIT’s prospectus as reported by The Star, The Edge Malaysia and EdgeProp.my, and from TA Securities’ 6 November 2026 research note. Rates.my holds no Capital Markets Services Licence, gives no price targets and makes no recommendation to subscribe. Check the prospectus on Bursa Malaysia before applying.

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