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KUALA LUMPUR/HONG KONG, May 16 (Reuters) - Macquarie Group Ltd -backed Asian Pay Television Trust (APTT) has priced its Singapore IPO at S$0.97 per unit, at the bottom of a narrowed marketing range, people familiar with the matter told Reuters on Thursday, raising $1.14 billion.
APTT, which used the business trust structure for the deal, is betting on investor demand for high-yield securities to finance the purchase of Taiwan's third largest cable TV operator.
APTT had initially marketed the IPO in a S$0.92-S$1.00 per unit price range, but tightened it S$0.97-1.00 on Wednesday. The company set the base offer at 1.39 billion units, but including an overallotment, the IPO would raise $1.14 billion, one of the sources said.
JPMorgan and Macquarie are the joint global coordinators for the offer and joint bookrunners alongside CIMB and DBS. (Reporting by Yantoultra Ngui and Elzio Barreto; Editing by Denny Thomas and Edwina Gibbs)