Flag Telecom, the undersea cable unit of Indian operator Reliance Communications (RCom), has reportedly extended the bookbuilding period for its Singapore IPO.
First scheduled to close today (16 July), the deadline for the company’s offer to…
Flag Telecom, the undersea cable unit of Indian operator Reliance Communications (RCom), has reportedly extended the bookbuilding period for its Singapore IPO.
First scheduled to close today (16 July), the deadline for the company’s offer to institutional investors has now been postponed to 19 July, according to Reuters citing sources close to the matter.
Also, trading debut, which was expected to start on 23 July, has been postponed to 25 July instead.
The sources were quoted saying that the deal has been marketed to sovereign wealth funds, including Singapore’s Temasek. The extension is aimed at giving SWFs more time to complete their processes.
The retail portion of the IPO will reportedly open after the institutional book closes.
RCom was not immediately available for comment.
A few days ago, it had been reported that the indicative price range for the listing has been set at US$700m-US$1bn.
The Indian mobile operator is reportedly looking to sell between 642.2 million and 757.6 million units of Flag Telecom on the Singapore stock exchange at a price range of US$1.09-US$1.32 per unit.
Standard Chartered, DBS Group, Industrial and Commercial Bank of China (ICBC) and Deutsche Bank are said to be advising on the IPO.
