Hutchison Port Holdings Trust yesterday set the terms for its Singapore initial public offering, putting it on track for the largest ever listing in the Lion City. The business trust is seeking to raise between $4.9 billion and $5.8 billion, which it will use to pay for the ports assets in Hong Kong, Macau and China’s Guangdong province that it is acquiring from Hutchison Whampoa’s 80%-owned ports unit.
The price is indicated between $0.91 and $1.08, which implies a 2011 annualised yield of 5.5% to 6.5%.
Even at the low end of the range, the deal is significantly larger than last year’s top Singapore offering,...
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