CC and Latham advise on Singapore's second biggest IPO this year
Clifford Chance (CC) and Latham & Watkins have acted alongside Allen & Gledhill (A&G) and Wong Partnership on the Singapore listing of Asian Pay Television Trust (APTT), the Asian city-state's second biggest IPO this year. The investment vehicle, which will own Taiwan's third-largest cable TV operator, Taiwan Broadband Communications (TBC) Group, has priced its IPO at S$0.97 (£0.51) per unit, in the hopes of raising S$1.4bn (£734m) from the listing.
May 21, 2013 at 12:27 AM
3 minute read
Clifford Chance (CC) and Latham & Watkins have acted alongside Allen & Gledhill (A&G) and Wong Partnership on the Singapore listing of Asian Pay Television Trust (APTT), the Asian city-state's second biggest IPO this year.
The investment vehicle, which will own Taiwan's third-largest cable TV operator, Taiwan Broadband Communications (TBC) Group, has priced its IPO at S$0.97 (£0.51) per unit, in the hopes of raising S$1.4bn (£734m) from the listing.
It is the second-biggest offering in Singapore this year after that of Mapletree Greater China Commercial Trust, which raised S$1.6bn (£839m) in February.
TBC Group has up until now been owned and managed by entities of Australia's Macquarie Group, who are now selling their stakes in the cable operator to the trust under the deal.
CC is acting for the issuer alongside A&G, with the magic circle firm providing US securities counsel and A&G advising on Singapore law.
CC's team is being led by Singapore-based capital markets partner Johannes Juette whilst local partners Tan Tze Gay and Rhys Goh are the key partners on the A&G side.
Providing Taiwan law advice to the issuer is Lee Tsai & Partners, led by corporate lawyer and senior partner at the firm Chung-Teh Lee.
Representing the underwriters is Latham alongside Wong Partnership, with the firms also advising on US securities law and Singapore law respectively.
Corporate partner Min Yee Ng is the main lawyer at Latham, whilst the group at Wong is being overseen by the firm's head of equity capital markets Gail Ong and corporate partner Karen Yeoh.
Underwriters included Macquarie Capital Securities, JP Morgan, CIMB Securities and DBS Bank.
Singapore's IPO market is expected to pick up this year as investors and issuers see pricing expectations converge.
Dealogic figures show there were just 21 new listings in Singapore in 2012 valued at $4bn (£2.6bn), compared with 60 in Hong Kong valued at $11.6bn (£7.6bn).
According to media reports, nearly $5bn (£3.2bn) worth of Singapore IPOs were also scrapped during the period due to lack of demand for Singapore offerings and market volatility.
Real estate investment trusts (REITS) in particular are expected to gain more investor interest going forward.
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