SINGAPORE (July 11): Fibre network owner NetLink NBN Trust on Monday launched its $2.3 billion initial public offering (IPO), making it the largest new listing in Singapore since the US$5.5 billion ($7.6 billion) IPO of Hutchison Port Holdings Trust in 2011.

NetLink NBN Trust is offering nearly 2.9 billion units at 81 cents each – near the bottom of the initial pricing range of between 80 cents and 93 cents. Tong Yew Heng, CEO of the trustee manager, says he is satisfied with the price.

The offering price values the market capitalisation of the trust at approximately $3.1 billion.

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