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SingTel unit to raise $1.7bn in Asia's second-largest IPO this year

Fiber network is connected to over 76% of homes in Singapore

NetLink's fiber network is linked to over 76% of homes in Singapore. (Courtesy of NetLink NBN Trust)

SINGAPORE -- NetLink NBN Trust, the broadband infrastructure unit of Singapore Telecommunications (SingTel), is raising 2.3 billion Singapore dollars ($1.7 billion) on the local stock exchange, in what will be the second-largest initial public offering in Asia this year, after that of South Korean online game developer Netmarble Games in May.

The offer by the business trust that owns Singapore's ultra-high-speed fiber broadband network is also the largest IPO on the Singapore Exchange since 2011. It is a "marquee transaction," an industry source said, that will light up the bourse's IPO scene, which has been lackluster in recent years.

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