IOI Properties Group Bhd (IOIPG) is bringing its REIT arm, IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT), to the market. The prospectus was launched on Nov 3, 2026. Maybank Investment Bank and AmInvestment Bank describe it as the largest Malaysian REIT IPO to date, and the offering includes a retail portion open to Malaysian investors. Below, we set out the key figures, the timeline, the portfolio and some neutral points to check before you decide whether to apply.
What Are the Key Details of the IOIPG REIT IPO?
| Item | Detail |
|---|---|
| Listing board | Main Market, Bursa Malaysia |
| Sponsor | IOI Properties Group Bhd (IOIPG) |
| Manager | IOIPG REIT Management Sdn Bhd |
| Trustee | MTrustee Bhd |
| Retail offer price | 96 sen per unit |
| Units offered | Up to 2.2 billion units (offer for sale by IOIPG) |
| Retail offering | 715.61 million units |
| Institutional offering | Up to 1.48 billion units |
| Amount to be raised for sponsor | Approximately RM2.1 billion |
| Expected market capitalisation | Approximately RM5.3 billion |
| Units retained by sponsor | Up to 60% of total issued units |
| Total asset value | RM7.79 billion |
| Total borrowings / gearing | RM2.65 billion / 34.1% |
| Projected distribution yield (FY ending Dec 31, 2027) | 6.60%, with 100% of distributable income paid out |
| Joint principal advisers | Maybank Investment Bank Bhd and AmInvestment Bank Bhd |
The offer is structured as an offer for sale, so the proceeds go to the sponsor rather than to the REIT.
When Can You Apply for the IOIPG REIT IPO?
| Event | Date |
|---|---|
| Underwriting agreement signed | Oct 12, 2026 |
| Entitlement cut-off for IOIPG shareholders (shares held as at) | Oct 30, 2026 |
| Prospectus launched; applications open | Nov 3, 2026 |
| Applications close | 5pm, Nov 10, 2026 |
| Listing on Main Market | Nov 25, 2026 |
The retail offering of 715.61 million units is split into several groups. 550.61 million units are reserved for entitled IOIPG shareholders at one REIT unit for every 10 IOIPG shares held as at Oct 30, 2026. 55 million units go to eligible directors, employees and business associates. 110 million units are available to the Malaysian public, including 55 million reserved for Bumiputera investors.
What Does IOIPG REIT Do?
IOIPG REIT owns an initial portfolio of nine freehold properties across Selangor, Kuala Lumpur and Penang, with a total appraised value of approximately RM7.66 billion as at May 31, 2026. The portfolio includes:
- Retail: IOI City Mall, which the sources describe as Malaysia’s largest retail mall, with a net lettable area of more than 2.5 million sq ft and a committed occupancy rate of 97.9% as at May 31, 2026.
- Hospitality: six hotels under Marriott International brands with a combined 1,920 rooms, including Putrajaya Marriott Hotel, Le Méridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang.
- Office: IOI City Towers 1 and 2 and PFCC Towers 1, 2, 4 and 5, with a combined office net lettable area of approximately 1.83 million sq ft.
The sponsor has also granted the REIT a right of first refusal over certain properties it may dispose of. Other IOIPG assets not in the initial portfolio include IOI Mall Puchong, IOI Mall Damansara, IOI Mall Kulai and Palm Garden Hotel Putrajaya. The sponsor’s CEO, Datuk Lee Yeow Seng, said there is no fixed timeline for injecting these assets, as each must first reach maturity and be approved by the board.
How Will IOIPG REIT Use the Money Raised?
The IPO is aimed at raising about RM2.1 billion for IOIPG. The sponsor says the listing is intended to unlock value from its mature assets and strengthen its balance sheet. Because this is an offer for sale, the cash flows to the sponsor, not to the REIT.
How Has IOIPG REIT Performed?
IOIPG REIT is not yet listed, so it has no trading history on Bursa Malaysia. The figures available are portfolio data as at May 31, 2026, such as the 97.9% committed occupancy at IOI City Mall, and forward-looking projections, such as the 6.60% distribution yield for FY2027.
What Should You Check Before Applying?
- Valuation: The portfolio is appraised at RM7.66 billion, and the total asset value is RM7.79 billion. Compare the RM5.3 billion expected market capitalisation with these figures and with the sponsor’s projections.
- Projected yield: The 6.60% yield is a projection based on a 100% payout of distributable income. Check the assumptions in the prospectus.
- Gearing: Total borrowings of RM2.65 billion represent gearing of 34.1%.
- Concentration: IOI City Mall anchors the portfolio, and hotels and offices make up the rest. Retail, hospitality and office performance all depend on Malaysia’s economy and tourism activity.
- Sponsor ties: The sponsor plans to retain up to 60% of units, and future assets depend on the right of first refusal and injections with no fixed timeline.
- Allocation: The retail portion is split among several groups with different eligibility rules. Confirm which group you fall into.
- Prospectus: Read the full prospectus before applying.
How Do You Apply for the IOIPG REIT IPO?
You need a CDS account to apply. Applications close at 5pm on Nov 10, 2026, and you can apply through internet banking, ATMs or a broker app such as M+ Global. For more background, read our guide on how to apply for an IPO in Malaysia and our page on M+ Global IPO financing. If the retail portion is oversubscribed, units are allocated by balloting, so applying early does not improve your chances.
Frequently Asked Questions
What is the IOIPG REIT IPO price?
The retail offer price is 96 sen per unit.
When do applications close?
Applications for the retail and institutional offerings close at 5pm on Nov 10, 2026.
When will IOIPG REIT list?
Listing on the Main Market of Bursa Malaysia is scheduled for Nov 25, 2026.
Does applying early improve your chances?
No. If the retail portion is oversubscribed, units are balloted.
Follow every upcoming listing on our Malaysia IPO 2026 calendar.
Want help applying for the IOIPG REIT IPO through M+ Global? Open an M+ Global account with invitation code UBZQ or WhatsApp Dexter.
Sources: The Star, IOIPG REIT targets RM2.1bil in Malaysia’s largest REIT IPO to date (03 Nov 2026); Bernama, IOIPG Malaysia REIT Signs Underwriting Agreement For Main Market IPO (12 Oct 2026); The Star, IOIPG launches RM2.1bil REIT (02 Nov 2026).
This article is for information only and is not a recommendation to subscribe to the IOIPG REIT IPO. IPO shares can list below their offer price. Please read the prospectus before applying.
