SINGAPORE – Singapore Telecommunications Ltd., will start taking orders from institutional investors for an initial public offering of its high-speed broadband unit that could raise as much as 2.7 billion Singapore dollars (US$1.95 billion), making it the largest such fund raising in more than six years.
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In a prospectus filed to the central bank, Singtel's unit, NetLink NBN Trust, is seeking to sell about 2.9 billion units at a price range of S$0.80 to S$0.93 per unit.
NetLink provides high-speed broadband service to residential and nonresidential customers in Singapore. An IPO of that size, if successful, would be the largest fund-raising in more than six years in the city-state, after Hutchison Port Holdings Trust's US$5.5 billion IPO in 2011.
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(END) Dow Jones Newswires
June 27, 2017 05:31 ET (09:31 GMT)