Singapore MRT IPO price range S$0.54-S$0.62

The 375-500 million shares on offer in the initial public offering (IPO) of Singapore MRT (SMRT) will be priced in the range of S$0.54-S$0.62 each, raising S$250 million ($144 million) for the company, says a banker involved in the deal. The shares represent 25%-30% of the company and will be sold in two tranches, with 60% of the shares on offer to be placed with institutional investors and the remaining 40% reserved for domestic retail investors, he adds. Of the retail tranche, a quarter, or 10% of the shares being sold, are reserved for employees of SMRT.