Netlink Trust

[MINX]

I've been very interested since the Axia Netmedia days. One of my best ideas but it didn't run its course.

It used to be that the base infrastructure layer was the dark fibre (Layer 1). And there was a change in 2013 that the man-holes and ducts became the new base layer (Layer 0).

https://www.imda.gov.sg/~/media/imda/fil....pdf?la=en

With the IPO, we can then estimate the value of these man-holes and ducts.

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The market capitalisation of the Trust will be between S$3,091.2 million (based on the Minimum Offering Price) and S$3,593.5 million (based on the Maximum Offering Price) immediately following the close of the Offering (assuming the Over-Allotment Option is not exercised) (see “Capitalisation and Indebtedness”).

In August 2013, the shareholders of the OpenNet consortium agreed to divest all their shares in OpenNet to NetLink Trust for S$126 million.

The $3B question... Why the lukewarm response from institutional investors towards this IPO? What is it about Netlink Trust that they don't like?