Hong Kong telecom conglomerate PCCW has priced the IPO of its telecom unit at HK$4.53 (US$0.58) per share or HK$9.3bn (US$1.2bn) in total.
This value is at the bottom range of the US$1.4bn-US$1.2bn PCCW had expected to raise, as demand has been…
Hong Kong telecom conglomerate PCCW has priced the IPO of its telecom unit at HK$4.53 (US$0.58) per share or HK$9.3bn (US$1.2bn) in total.
This value is at the bottom range of the US$1.4bn-US$1.2bn PCCW had expected to raise, as demand has been impacted by market volatility.
In a filing to the Hong Kong Stock Exchange, PCCW said: “If the global offering proceeds at the final offer price of HK$4.53 per share stapled unit, the market capitalisation of all the share stapled units in issue, immediately following the completion of the global offering, will be approximately HK$29.1bn [US$3.7bn] (assuming the over-allotment option is not exercised) and approximately HK$30.5bn [US$3.9bn] (assuming the over-allotment option is exercised in full).”
The units will start trading on 29 November.
CICC, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered are leading the deal, while DBS, JPMorgan and Mizuho have also joined the transaction.
