M&L Hospitality Trusts scraps Singapore IPO

M&L Hospitality Trusts (M&L Trusts) told investors on Friday that it has decided not to proceed with its initial public offering in Singapore due to disappointing demand. The trust was set to own six hotels in Singapore, Australia and Japan at the time of listing and was looking to raise between S$425.8 million and S$463 million ($339 million to $369 million), which would have made it the largest IPO in Singapore in almost a year.