Tuesday, May 28, 2013

Asian Pay Television Trust (APTT) IPO balloting ratio

The Asian Pay Television Trust (APTT) IPO balloting ratio are out:

The balloting ratios are very disappointing. A few points to note as follows:
1) Some bands are merged as a single band. For example, for most IPO, we will see a 10-19 and 20-49 band. But in this IPO, they are merged as a 10-49 band

2) The balloting ratio jumped significantly from the 100-499 band to the 500-999 band. That is a jump from 14% chance to 66% chance!

3) The number of units allocated are also very high on the higher bands. We seldom see a 75% allocated units in the highest band. It seems that this IPO is favoring the richer folks out there.

For me, I was not allocated any units for this IPO. However, I will be allocated some units from my MIIF as dividends. Good luck to those holding APTT units!


Anonymous said...

To ensure a reasonable spread of unit holders, the Joint Bookrunners and the Joint Underwriters, in consultation with the Trustee Manager, have decided to... allocate 66% of the units available for IPO to... 8.5% of the applicants with the deepest pockets.


Mad Stranger said...

Hi Koopa,

What you pointed out was very interesting. I did my own calculations to verify against yours.

To make things clearer for others, the 8.5% of the applicants was calculated using the total number of successful applicants.

I did another calculation using the TOTAL applicants and found that the 66% went to less than 1% of all applicants in the public offer.

You can view the details on my other post: