IN the biggest IPO Singapore has ever had, Hong Kong's Hutchison Port Holdings (HPH) intends to raise US$4.91 billion to $5.83 billion in a sale of the company's shares that would encompass its Pearl River Delta terminals including Hong Kong's.

The newly established HPH Trust will acquire Hutchison's principal port assets in Hong Kong and Shenzhen in a deal valued at HK$102.9 billion (US$13.2 billion), reports Alphaliner.

The price to be paid by HPH Trust is equivalent to 14.6 times EBITDA of the assets to be taken over from HPH, which will be the sponsor of the business trust, said the report.

The initial portfolio of HPH Trust will comprise of 100 per cent of Hongkong International Terminals (HIT), which operates Terminals 4,6,7 and two berths in Terminal 9 at Kwai Tsing, Hong Kong; 50 per cent of Cosco-HIT Terminals, which operates Terminal 8 East at Kwai Tsing; 56 per cent interest in Shenzhen's Yantian International Container Terminals (YICT), which operates Yantian Phases I and II; 52 per cent interest in YICT (Phase III), which also operates Yantian Phase III, and Yantian Phase III Expansion and has 52 per cent interest in Shenzhen Yantian West Port Terminals (SYWPT), which operates West Port Phase I and II.

In addition, the HPH Trust will also control the three HPH river container terminals in Jiangmen, Nanhai and Zhuhai in South China as well as the midstream operations of Asia Port Services in Hong Kong.