Reliance sets GTI Trust IPO price range
09 July 2012 |
Indian carrier Reliance Communications has set an indicative price range for the IPO of its submarine cable subsidiary Global Telecommunications Infrastructure Trust (GTI Trust), which could raise as much as $1 billion.The company will pay a yield of up to 11.5% in a bid to attract investors, according to Bloomberg.
The Singapore IPO comes as Reliance looks to reduce its $7 billion debt by selling off its assets.
GTI Trust, which owns four subsea cables, had pro forma revenue of $267.5 million for the year ended March 2012. Reliance expects the unit’s revenue to rise to $287.6 million in the next fiscal year and $308.8 million in fiscal 2014.
The offer opens today and will close on July 16.
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