HPH Trust sets IPO at US$1.01 per unit

SINGAPORE: Hutchison Port Holdings Trust (HPH Trust) said it has set the price for its Singapore's initial public offering at US$1.01 per unit, below the top end of its indicative price range of US$0.91 and US$1.08. The trust also said that it has allowed the joint book runners, led by Deutsche Bank, to exercise an over-allotment option, which gives them the right to subscribe as much as 15 per cent of the public offer. If the over-allotment is exercised in full, parent Hutchison Whampoa, which is controlled by Hong Kong billionaire Li Ka-shing, would raise over US$6 billion from the listing, making it the largest IPO in both Singapore and Southeast Asia, exceeding last year's US$3 billion offering by Global Logistic Properties and the US$4.1 billion Malaysian IPO by Petronas Chemicals. The money raised by HPH Trust will be used to pay for the port assets that it is buying from Hutchison Port Holdings, which is 80 per cent-ownedby Hutchison Whampoa and 20 per cent by Singapore's PSA International, a wholly owned unit of Temasek Holdings. - CNA/cc