SINGAPORE (Reuters) - NetLink NBN Trust, the broadband unit of Singapore Telecommunications (Singtel) (STEL.SI), is set to price its IPO near the bottom of expectations, raising about $1.7 billion in Singapore’s largest listing in more than four years.
The offering is set to be priced at S$0.81 ($0.5865) per unit, Thomson Reuters publication IFR reported, citing two sources with knowledge of the transaction. The IPO had an indicative range of S$0.80 to S$0.93 per unit.
NetLink is offering 2.9 billion units in the IPO, which will be the biggest in Singapore since Mapletree Greater China Commercial Trust’s (MAPE.SI) $2.06 billion listing in February 2013.
It is slated for debut on the Singapore stock exchange on July 19.
Singtel, Southeast Asia’s largest telco whose biggest shareholder is Singapore state investor Temasek Holdings [TEM.UL], did not immediately respond to an email seeking comment on the pricing.
Singtel will own 24.99 percent of NetLink, which provides high-speed broadband network, after the IPO.
Reporting by S Anuradha of IFR; Additional reporting and writing by Aradhana Aravindan; Editing by Sherry Jacob-Phillips and Muralikumar Anantharaman