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Summit Power to launch Singapore IPO

Power News - Published on Thu, 15 Feb 2018

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Summit Power is planning to launch its Singapore IPO next month as it looks to become the first Bangladeshi company to list overseas, according to people with knowledge of the transaction. The subsidiary of Bangladesh's Summit Group plans to start premarketing a Singapore Exchange IPO of up to S$500m (USD 378 million) in early March, people with knowledge of the transaction said. Bookbuilding is expected to start in mid-March.

The IPO would be a record for Bangladesh and the country's first overseas listing. The largest float so far was the US$70m IPO of mobile phone company Grameenphone on the Dhaka Stock Exchange in 2009.

Independent power producer Summit Power owns 13 power plants in Bangladesh with a total capacity of 482 megawatts. Parent Summit Group owns plants generating a total of 1,423MW.

Citigroup, DBS and UBS are the joint global coordinators.

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Posted By : Nanda Koijam on Thu, 15 Feb 2018
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