Macquarie exits Taiwan Broadband as IPO raises $1.1b
Two funds run by Macquarie have exited Broadband Communications after the Taiwan pay-TV operator’s holding company raised S$1.39 billion ($1.1 billion) through an IPO. The offering by Asian Pay Television Trust (APTT) – of which Broadband Communications is the sole asset – is the second-largest Singapore IPO this year after Mapletree Greater China Commercial Trust raised $1.4 billion in February.
According to a regulatory filing, APTT sold 1.4 billion shares at S$0.97 apiece, which translates into a projected yield of 8.51% for 2014. Of the total offering, 65.2% went to public investors, 31.8%...
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