Asian Pay Television Raises $1.1 Billion in Singapore IPO

Asian Pay Television Trust, owner of Taiwan’s third-largest cable television operator, raised S$1.39 billion ($1.1 billion) in an initial public offering.

The trust, which owns Taiwan Broadband Communications Co., 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 percent for 2014, the document shows.

The sale is part of Macquarie International Infrastructure Fund’s planned shutdown. The Singapore-listed fund, which owned 47.5 percent of Taiwan Broadband said in April 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 the city-state this year after Mapletree Greater China Commercial Trust (MAGIC) raised $1.4 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 LLC and Quantum Partners LP, 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 Ltd. (MQG) and JPMorgan Chase & Co. are joint global coordinators for the offering, and DBS Group Holdings Ltd. and CIMB Group Holdings Bhd. (CIMB) also helped manage the IPO. Asian Pay Television is scheduled to start trading on May 29.

Photographer: Munshi Ahmed/Bloomberg

The headquarters of the Singapore Exchange Ltd., located in the SGX Centre, center, stands in Singapore. Close

The headquarters of the Singapore Exchange Ltd., located in the SGX Centre, center, stands in Singapore.

Close
Open
Photographer: Munshi Ahmed/Bloomberg

The headquarters of the Singapore Exchange Ltd., located in the SGX Centre, center, stands in Singapore.

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.