Asian Pay Television Trust APTT has raised S$1.35 billion $1.1 billion from its initial public offering in Singapore after attracting solid demand and fixing the price above the mid-point of the range, at S$0.97.
APTT will have a single asset at the time of listing cable-TV company Taiwan Broadband Communications, which it is acquiring from two Macquarie funds and will be the first Singapore business trust to be backed by media assets.
This would have helped attract yield-focused investors looking to diversify their holdings. It also led to sizeable demand out of the US, which is home to a lot of specialist media funds.
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