Singtel's Unit Launches Singapore's Biggest IPO in Six Years

A unit of Singapore Telecommunications Ltd. (Z74.SG) Monday priced its proposed initial public offering, seeking to raise 2.35 billion Singapore dollars (US$1.7 billion).

NetLink NBN Trust, which owns a fiber-optic cable network in Singapore, is seeking to sell 2.9 billion units at S$0.81 each in the IPO, according to a prospectus filed with the Monetary Authority of Singapore. The offer price is at the lower end of a range between S$0.80 and S$0.93 indicated last month.

The size of the sale may rise to 3.02 billion units, raising S$2.45 billion, if an option of over-allotment is exercised.

NetLink provides high-speed broadband service to customers in Singapore. The sale, if successful, would be the largest fundraising in more than six years in the city-state, after Hutchison Port Holdings Trust's US$5.5 billion IPO in 2011.

The IPO may also boost Singapore's equities market, which is facing a drought in such fundraising. So far this year, the biggest IPO in the country has been recruiting agency HRnet Group Ltd.'s S$174 million offering.

DBS Bank Ltd., Morgan Stanley and UBS AG are among the banks handling the IPO.

Write to Gaurav Raghuvanshi at

(END) Dow Jones Newswires

July 10, 2017 04:00 ET (08:00 GMT)