Asian Pay TV prices Singapore IPO at 97 cents a unit

KUALA LUMPUR/HONG KONG (REUTERS) - Macquarie Group Ltd-backed Asian Pay Television Trust (APTT) has priced its Singapore IPO at S$0.97 per unit, at the bottom of a narrowed marketing range, people familiar with the matter told Reuters on Thursday, raising $1.14 billion.

APTT, which used the business trust structure for the deal, is betting on investor demand for high-yield securities to finance the purchase of Taiwan's third-largest cable TV operator.

APTT had initially marketed the IPO in a S$0.92-S$1.00 per unit price range, but tightened it S$0.97-1.00 on Wednesday.

The company set the base offer at 1.39 billion units, but including an overallotment, the IPO would raise $1.14 billion, one of the sources said.

JPMorgan and Macquarie are the joint global coordinators for the offer and joint bookrunners alongside CIMB and DBS.