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 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. and JPMorgan Chase & Co. are joint global coordinators for the offering, and DBS Group Holdings Ltd. and CIMB Group Holdings Bhd. also helped manage the IPO. Asian Pay Television is scheduled to start trading on May 29.

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