SINGAPORE (June 27): Singtel announced that NetLink NBN Management, the trustee-manager of NetLink NBN Trust, has lodged a preliminary prospectus with the Monetary Authority of Singapore in connection with the initial public offering and listing of NetLink NBN Trust on the Singapore Exchange.

NetLink is offering 2.9 billion units in an indicative range of 80 cents to 93 cents each, putting the total deal at up to $2.7 billion, reported IFR, a Thomson Reuters publication, citing a term sheet of the transaction.

Singtel, Southeast Asia's largest telco, tapped DBS Group, Morgan Stanley and UBS AG to handle the IPO, expected to take place in the third quarter of 2017.

NetLink NBN Trust was established primarily for the purpose of owning all of the units of NetLink Trust. NetLink Trust designs, builds, owns and operates the passive infrastructure -- comprising ducts, manholes, fibre cables and Central Offices -- for Singapore’s Next Generation Nationwide Broadband Network (NextGen NBN).

The NextGen NBN network is the foundation over which ultra-high-speed internet access is delivered to residential homes and non-residential premises throughout mainland Singapore and its connected islands.

Shares in Singtel closed 1 cent higher at $3.80 on Tuesday.