Dial D for dividend and R for return

Yellow Pages (Singapore) makes a strong connection with investors hungry for yield, while returning roughly 300% to the private equity buyers in a year and a half.

Yellow Pages Singapore priced a strongly subscribed IPO on Friday despite the prospect of being swamped by far larger deals for the Suntec and Link Reits. The sale of 111 million shares raised S$185 million via bookrunner UBS and joint lead DBS.

The shares were sold at the top of the price range of S$1.46 to S$1.66 a share, with the order book closing eight times covered. Final allocations saw 60% of the deal go to Asia, 20% to Europe and 20% to the US. Some 5% of the transaction was sold to Singapore retail investors.

Although some bankers believed it might be unwise to...

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