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CVC among shareholders raising up to $750 mln in HKBN Hong Kong IPO

Reuters - UK Focus

HONG KONG, Feb 23 (Reuters) - HKBN Ltd, Hong Kong's second-largest broadband Internet provider, will launch on Tuesday its initial public offering, with shareholders including private equity firm CVC Capital Partners Ltd looking to raise up to $750 million, IFR reported, citing sources familiar with the plans.

CVC (Taiwan OTC: 4744.TWO - news) , HKBN's management and other shareholders will offer 645 million existing shares in an indicative range of HK$8 to HK$9 each, putting the total deal at up to HK$5.8 billion ($750 million), added IFR, a Thomson Reuters publication. HKBN, previously known as Hong Kong Broadband Network, will raise no funds from the IPO.

The IPO is set to be priced on March 4. HKBN didn't immediately respond to a Reuters request for comment on the IPO details. ($1 = 7.7567 Hong Kong dollars) (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Michael Perry)