The 375-500 million shares on offer in the initial public offering IPO of Singapore MRT SMRT will be priced in the range of S$0.54-S$0.62 each, raising S$250 million $144 million for the company, says a banker involved in the deal. The shares represent 25%-30% of the company and will be sold in two tranches, with 60% of the shares on offer to be placed with institutional investors and the remaining 40% reserved for domestic retail investors, he adds. Of the retail tranche, a quarter, or 10% of the shares being sold, are reserved for employees of SMRT.
The suggested price range represents 10-11 times SMRT's expected earnings for the year to March...
