HKBN (Hong Kong Broadband Network), Hong Kong’s largest provider of residential fibre broadband services, by number of residential subscriptions, commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited on Thursday, March 12.

The global offering initially consists of a total of 644,866,500 shares sold through the international offering and the Hong Kong public offer, at a price of HK$9.00 per share, subject to the over-allotment option. The Underwriters have an over-allotment option to purchase up to 96,729,500 shares, representing approximately 15% of the base offering size. The IPO values the company at HK$9 billion and is set to raise HK$5.8 billion (US$748 million). Latham advised the underwriters: Goldman Sachs, JP Morgan, UBS, CLSA and HSBC.

Following HKBN’s offering, William Woo, a partner in Latham & Watkins’ Corporate Department in Hong Kong, said: "HKBN’s debut on the Main Board of Hong Kong’s Stock Exchange is a major event. Latham is delighted to have advised on what is Hong Kong’s largest IPO in 2015 to date."

Cathy Yeung, Chair of Latham’s Hong Kong Corporate Department and Greater China Practice, added: “HKBN is a well-known Hong Kong brand and, with approximately a third of the market share, its offering was always going to be big news. Latham worked closely with both HKBN and the underwriters to bring this IPO to fruition.”

Hong Kong-based partner Bryant Edwards, who serves as Chair of Latham’s Asia Practice, commented: “With HKBN’s landmark offering, Latham is further adding to its strong experience in Hong Kong IPOs.”

The Latham & Watkins team was led by Hong Kong partners William Woo, Cathy Yeung and Eugene Lee, with associate Helena Kim.