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Billionaire Ambani Said to Prepare $1.5 Billion IPO of FLAG

Billionaire Anil Ambani’s Reliance Communications Ltd., plans to raise as much as $1.5 billion through a Singapore listing of its submarine cable assets, said a person with knowledge of the matter.

Reliance may sell 75 percent of Reliance Globalcom’s FLAG Telecom unit in the first half of this year in an initial public offering and is seeking a valuation of up to $2 billion, said the person, who declined to be identified as the process is private. FLAG Telecom would be listed as a so-called business trust, the person said.