Accordia golf trust is set to sell around 74% of its IPO to Japanese investors under Japan's public offering without listing scheme. The deal is set to be Singapore's largest IPO of the year, but a large allocation to Japan is not so remarkable as the trust comprises Japanese golf courses. Nonetheless, the expected domestic bid is much higher than for many Tokyo listings. By comparison, 52% of last year's US$4bn Tokyo IPO of Suntory Beverage and Food was allocated to Japan.
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