Asian Pay Television Trust IPO of $1.4 billion is the second largest offering in Singapore so far this year. Priced at 97 cents each, the business trust will have a forecast distribution yield of 7.5% for this year and 8.5% for next year. Appealing. Read more its prospectus here.
Asian Pay Television Trust, an investment vehicle for Taiwan's biggest cable-TV operator, has launched a S$1.4 billion initial public offering in Singapore on Thursday. This IPO is the second largest offering in Singapore so far this year.From Channel NewsAsia, "Asian Pay Television Trust launches S$1.4b IPO in S'pore".
According to its final prospectus, Asian Pay Television Trust managed to price its shares at 97 Singapore cents each - slightly above the mid-point of its indicative range.
The business trust has a forecast distribution yield of 7.5 per cent for 2013 and 8.5 per cent for 2014.
Up to 936 million units will be offered under the placement and the public offer, subject to an over-allotment option.
The public offer of 70 million units for retail investors opens on Friday and will close on May 27.
Trading will start on May 29.
Asian Pay Television Trust, owner of Taiwan’s third-largest cable television operator, raised S$1.39 billion in an initial public offering (IPO).From TODAY, "Asian Pay TV raises S$1.39b in S’pore IPO".
The trust, which owns Taiwan Broadband Communications, sold 1.44 billion shares at S$0.97 a unit, according to a prospectus filed with the Monetary Authority of Singapore. At that price, the IPO is projected to offer a yield of 8.51 per cent for next year, the document shows.
The sale is part of Macquarie International Infrastructure Fund’s planned shutdown.
The Singapore-listed fund, which owned 47.5 per cent of Taiwan Broadband, said last month that it was seeking at least 40.8 Singapore cents per share from a sale of the cable operator.
It is the second-biggest offering in Singapore this year after Mapletree Greater China Commercial Trust raised US$1.4 billion (S$1.8 billion) in February, according to data compiled by Bloomberg.
The shares were offered at a price of as much as S$1 and sold to investors including Neuberger Berman and Quantum Partners, the prospectus shows. Taiwan Broadband, established in 1999, serves more than 750,000 cable TV households with over 150 channels, according to its website.
Macquarie Group and JPMorgan Chase are joint global coordinators for the offering, and DBS Group Holdings and CIMB Group Holdings also helped manage the IPO.
Asian Pay Television is scheduled to start trading on May 29.
The deal will likely further enhance Singapore’s status in the eyes of investors as South-east Asia’s top venue for trust listings.
Data provider Dealogic said Singapore’s IPO volumes reached S$4.8 billion in the first quarter of the year, compared with about S$4.5 billion raised in IPOs for the whole of last year.