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Hot stock: NetLink NBN Trust flat at IPO price on second day

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NETLINK NBN Trust, which made its debut on the Singapore Exchange on Wednesday, opened flat at its inital public offering (IPO) price of S$0.81 on Thursday.

Over 184 million shares worth S$149 million were traded on Wednesday after the opening bell at 3 pm.

NetLink traded within the S$0.805 to S$0.815 range.

The closing price of S$0.81 on Wednesday means that the trust is valued at S$3.1 billion, giving an annualised distribution yield of 5.43 per cent for the forecast period from Aug 1, 2017 to March 31, 2018.

NetLink's IPO, which raised S$2.3 billion in gross proceeds, is the biggest in Singapore since 2011 when Hutchison Port Holdings Trust raised about S$7.7 billion in gross proceeds.

NetLink's revenue is projected to increase at a compound annual growth rate of 6.7 per cent from S$300 million in the 2017 fiscal year to S$341.9 million in 2019.

Distribution in 2019 is projected to be S$179.4 million.

sentifi.com

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