Hutchison aims to raise $5.8b from Singapore IPO

Hutchison Port Holdings (HPH) Trust launched its initial public offer for a listing on the Singapore Exchange (SGX) today and planned to raise as much as US$5.8 billion, reported Channel NewsAsia.


This will be Singapore's largest IPO, topping SingTel's $3.16 billion listing in 1993.


HPH offered nearly 3.9 billion units for the IPO and some 185 million units will be issued to the public.


The offer price ranges from $0.91 and $1.08 per unit.
However, investors subscribing for units under the public offer will pay S$1.383 per unit.


HPH said eight cornerstone investors including Temasek Holdings unit Aranda Investments have agreed to invest $1.6 billion.
Based on the price range, the implied Distribution per Unit (DPU) yield for the forecast period is between 5.5 per cent and 6.5 per cent, and the implied DPU yield for 2012 is between 6.1 per cent and 7.2 per cent, the trust said in a statement.


The trust, which is the first publicly traded container port business trust, registered its prospectus with MAS today.


The public offer opened today at 12 noon and closes on March 14.


The units are expected to start trading on SGX at 2pm on March 18.
(Source:http://www.cargonewsasia.com)