HPH Trust eyes $5.8bn in Singapore IPO

Hutchison Whampoa's ports' unit Hutchison Port Holdings is seeking to raise $5.83bn trust listing on the Singapore Exchange.


HPH Trust has on Monday indicated a listing price range of $0.91-1$.08 per unit for the initial public offering (IPO), giving it a market capitalisation of $7.93-$9.41bn. The IPO aims to raise $4.21bn through the sale share and an additional $1.62bn from cornerstone investors, according to its preliminary prospectus.


The cornerstone investors include Singapore state investor Temasek Holdings, US hedge fund manager Paulson & Co, New York-based Metropolitan Financial Services and Cathay Life Insurance. The world's largest operator of container terminals could see its IPO surpass the S$4bn raised by Singapore Telecommunications in 1993 and the total amount raised in Singapore IPOs last year.


The company, owned by Hong Kong tycoon Li Ka-shing, chose Singapore over Hong Kong because of the city-state's sound infrastructure and real estate trusts, according to bankers.
(Source:http://www.seatrade-asia.com)