MobileOne makes it two

Singapore''s second largest cellular operator joins its listed fixed line counterpart and does what the market requires to ensure a successful flotation.

The institutional book for a 600.5 million share offering in MobileOne M1 closed two times oversubscribed yesterday Tuesday with pricing settled at S$1.32, towards the bottom end of an S$1.25 to S$1.52 indicative range. Led by ABN AMRO and UBS Warburg, the offering represents 57.2% of the company's issued share capital pre shoe 65.8% post and should raise proceeds of roughly S$790 million $447 million.

Retail investors will be allocated between 5% to 30% of the base deal following an offer period which opens today and runs until December 2, with trading scheduled for December 4. Shares are being sold at S$1.25 - a 5% discount to the institutional price.

At these pricing...

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