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Hutchison Port Holdings Trust IPO

Hutchison Port Holdings (HPH) Trust looks set to become Singapore’s largest ever IPO. The previous largest IPO was SingTel’s S$4 billion listing in 1993.

The subsidiary of Hong Kong tycoon Li Ka-shing’s Hutchison Whampoa plans to raise as much as S$7.3 billion (US$5.8 billion). The trust is listing here as Hong Kong regulations do not yet allow for such business trusts.

HPH offered nearly 3.9 billion units for the IPO. Out of these, 185.2 million units will be issued to the public. DBS Bank, Deutsche Bank AG and Goldman Sachs Singapore are the joint bookrunners and joint issue managers for the IPO.

The offer price ranges from US$0.91 and US$1.08 per unit. Investors subscribing for units under the public offer will need to pay S$1.383 per unit upfront. If the final offer price is less than US$1.08, they will get the appropriate refund.

Based on the price range, the Trust said implied Distribution per Unit (DPU) yield for 2011 is between 5.5% and 6.5%, and the implied DPU yield for 2012 is between 6.1% and 7.2%.

The Trust, which is the first publicly traded container port business trust, registered its prospectus with the Monetary Authority of Singapore (MAS) on Monday. You can download the prospectus here:

Hutchison Port Holdings Trust Prospectus

The public offer opens at 12 noon on 7th March 2011 and closes on 14th March 2011 at 10am. The units are expected to start trading on SGX at 2pm on 18th March 2011.

Leave a Comment:

Tan says 10 years ago

First day fall below IPO. Curious what cause it ?

Daniel P says 10 years ago

I find it strange that we can buy units of HK’s port, but not our own PSA.

Jasmin says 10 years ago

Anybody subscribing this IPO?

    lioninvestor says 10 years ago

    Likely not.

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