MIIF / APTT (IPO)

MIIF / APTT / Upcoming IPO: Newswires say Asian Pay Television Trust (APTT), owned by Taiwan's biggest pay-TV operator, has priced its IPO above the mid point of an indicative price range that will see it raise $1.4b. The IPO, Singapore's second biggest so far this year, has been priced at $0.97 a unit. The indicative price range was $0.92-$1.00 per unit. APTT is an investment vehicle of Taiwan Broadband Communications (TBC), which is owned by two funds managed by Australia's Macquarie Group Ltd. – MIIF and Macquarie Korea Opportunities Fund. Both funds plan to sell their stakes to Asian Pay Television Trust. APTT had started taking orders from institutional investors earlier this month and the IPO was said to be nearly 3x oversubscribed. Cornerstone investors include Eastspring Investments (Prudential), George Soros’ Quantum Partners, Asian century Quest Capital, Lion Global and Neuberger Berman, who have already agreed to purchase about 451m units.