* IPO sponsored by Frasers Centrepoint
* Boost for Singapore listings (Adds prospectus details, background)
SINGAPORE, June 3 (Reuters) - Frasers Logistics and Industrial Trust, backed by Australian properties, plans to raise up to about S$902 million ($656 million) through an initial public offering in Singapore, according to its prospectus filed with regulators.
In a significant boost for new listings in the city state, the real estate investment trust (REIT) plans to sell 521.7 million units to institutions and retail investors, with cornerstone investors taking up another 492.8 million units. The units are to be priced at S$0.85 to S$0.89 apiece.
Trading of the units is expected to begin on June 21. According to the prospectus, proceeds will be used to provide working capital for financing of capital expenditure, incentives and corporate expenses.
Singapore has faced a dearth of IPOs in recent times. Funds raised through IPOs and reverse takeovers on the SGX's main board totalled just S$276 million in 2015, well down on the previous year's S$3.18 billion.
Last month, Manulife US REIT MANU.SI started trading in Singapore after a $519.2 million sale, the city-state's biggest IPO in almost two years.
The Frasers Logistics trust is sponsored by Thai tycoon Charoen Sirivadhanabhakdi-backed real estate developer Frasers Centrepoint Ltd FRCT.SI . Cornerstone investors include Blackrock (NYSE:BLK) Funds, Morgan Stanley (NYSE:MS) Investment Management Co and Nikko Asset Management Asia Ltd.
($1 = 1.3754 Singapore dollars)