CVC Capital Partners broadband firm in £483m Hong Kong float
HKBN, Hong Kong’s second-biggest broadband provider, will float today as shareholders, including CVC Capital Partners, look to raise up to £483m, sources said yesterday.
If the IPO reaches the pinnacle of its forecast range, it would become the second-largest in Asia-Pacific in 2015, after the $1.13bn raised by Jasmine International’s internet infrastructure fund in Bangkok earlier this month.
London-based private equity giant CVC, HKBN management and other shareholders will offer 650m existing shares in an indicative range of HK$8 (66p) to HK$9 each, valuing the overall deal at up to HK$5.8bn (£483m).
HKBN is understood to have received a $200m commitment from Canada Pension Plan Investment Board, who will be one of the IPO’s cornerstone investors. The float has also attracted around 40 anchor investors, including a number of hedge funds.