(Nov 18): Singapore Telecommunications hired three banks to manage an initial public offering (IPO) of up to US$2.5 billion ($3.6 billon) for its broadband subsidiary NetLink Trust, IFR reported late on Thursday, citing people close to the deal.

Singtel, Southeast Asia's largest telco, tapped DBS Group, Morgan Stanley and UBS AG to handle the IPO, expected to take place in the second or third quarter of 2017, added IFR, a Thomson Reuters publication.

Singtel's Group CEO Chua Sock Koong previously said it wanted to reduce its stake in NetLink to less than 25%.

Singtel didn't immediately respond to a Reuters request for comment on the IPO managers after regular business hours.