Changzhou Cranes Mechanical Electrical Engineering Co., Ltd.
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Add: No.8-20 Shunyuan road, Xinchen industrial park, Xuejia town, Xinbei district, Changzhou city, Jiangsu province, P.R.China.
The price range of Hutchison Port Holdings Trust¡¯s (HPHT) initial public offering (IPO) has been tightened to $0.99-$1.03 after being oversubscribed.
The listing in Singapore (pictured), sponsored by Hong Kong-based Hutchison Port Holdings, was expected to raise up to US$5.8bn from the offering based on an offer price range of $0.91 to $1.08, but is now expected to raise a maximum of $5.5 billion, sources familiar with the deal told Reuters.
The new price range translates to a yield of 5.8-6%, versus the original range of 5.5-6.5%, said one source.
Singapore¡¯s largest IPO to date began on Monday with the registering of HPHT¡¯s prospectus with the Monetary Authority of Singapore.
Hutchison Whampoa has said it will remain a ¡°significant unit holder of HPH Trust¡± and would hold around 25% immediately following completion of the proposed transaction.
The principal assets of HPHT at the time of the planned IPO are the group¡¯s interests in its deep-water container port operations in Hong Kong and China¡¯s Guangdong Province.
The IPO is intended to enable the business to grow by attracting new investors seeking investments in ¡°pure port-related assets¡±, according to Hutchison.
At present Hutchison Whampoa is the controlling shareholder of HPH and currently indirectly owns 80% effective interest in HPH.
HPH has interests in a total of 308 berths in 51 ports, spanning 25 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia.
DBS, Deutsche Bank and Goldman Sachs are joint book runners and issue managers for the IPO.