A week before the institutional bookbuild closes for the listing of Singapore Power's Australian subsidiary, investors have already placed orders for 75% of the stock. The shares in SP Ausnet will be priced and allocated on December 7 and, as yet, Australian institutions have yet to indicate their interest.
The dual listing in Australia and Singapore has presented the joint lead managers with some interesting bookbuild dynamics. The normal practice for IPOs in Australia is to open the books just two days before final pricing. Investors are usually reluctant to show their cards prior to this process.
But with at least 15% of the shares to...
