News

StarHub launches IPO of 481.8 million shares

October 2004 / e-newsletter

On 17 September, StarHub announced its initial public offering (IPO) where the company will price its shares at a maximum of S$1.15 each. The share sale values StarHub at approximately S$2.4 billion, which will make it Singapore’s second largest telecommunications company by market capitalisation. 

The third telecommunications player to seek a listing on the SGX mainboard, StarHub is looking to raise up to S$554 million through the sale of 481.1 million vendor shares. Credit Suisse First Boston and UBS AG are joint global co-ordinators, bookrunners and lead managers for the IPO while UOB Asia Limited Asia is the joint lead manager. The sub-underwriters comprise of CLSA Singapore Pte Ltd, DBS Bank Ltd, Nomura Singapore Limited, Overseas-Chinese Banking Corporation Limited and The Hong Kong and Shanghai Banking Corporation Limited. 

The company has differentiated itself from competitors through its “Hubbing” strategy, which will continue to be a key driver of growth and customer retention. As at June 2004, StarHub provided at least one service to 75% of households in Singapore and about 27,000 businesses.