PETALING JAYA: IOI Properties Group Bhd (IOIPG) expects to raise RM2.1 billion from the initial public offering (IPO) of its real estate investment trust (REIT), IOIPG Malaysia REIT, which is scheduled to be listed on Bursa Malaysia’s Main Market on Nov 25.

The IPO, which is the largest Malaysian REIT IPO to date, involves the offering of up to 2.2 billion units at RM0.96 each, giving the REIT an estimated market capitalisation of RM5.3 billion upon listing.

The REIT’s initial portfolio comprises nine freehold properties across Selangor, Kuala Lumpur and Penang, with a combined appraised value of RM7.66 billion as at May 31, 2026.

The portfolio is anchored by IOI City Mall in Putrajaya, Malaysia’s largest retail mall, which has a net lettable area (NLA) of more than 2.5 million square feet and a committed occupancy rate of 97.9%.