Singtel's NetLink to issue 2.9b units

It is pegged to be the biggest IPO on SGX since 2011.

Singtel-owned NetLink Trust will issue around 2.9b units with an offer price between 80 S cents to 93 S cents to raise around $2.3b to $2.7b.

According to RHB, this could be the biggest initial public offering (IPO) on Singapore Exchange since 2011.

The public offer will commence after 5 pm on July 10 and will close at noon on July 17. Trading will commence from 3pm on July 19.

"The IPO represents around 75 per cent of NetLink Trust's total shareholding and thus values the Trust at between $3.06b and $3.6b depending on the final IPO price. Singtel, which will pocket the proceeds from the IPO, will hold less than 25 per cent of the Trust after this exercise," RHB said.

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