HKBN raises $750 million in IPO

06 March 2015 |

Broadband service provider HKBN has raised $750 million in Hong Kong’s largest IPO this year.

Private equity firm CVC Capital Partners, including Singapore’s sovereign wealth fund GIC and AlpInvest Partners, owned by the Carlyle Group, sold 645 million shares at $1.16 (HK$9) each. The offering was priced at the higher end of the indicated price range of HK$8-HK$9.

After the listing, CVC’s stake will reduce from 70.7% to approximately 14.4%, while GIC’s stake will decline from 11.3% to 9.9%.

Goldman Sachs, JPMorgan Chase and UBS were the joint sponsors and main underwriters of the deal, while Rothschild served as financial adviser. 

The company is scheduled to list on the Hong Kong Stock Exchange on March 12.