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Singapore ISP Pursues IPO In US

Despite reports of an Asian recession, Singapore ISP Pacific Internet Pte. Ltd. announced last week that it has filed with the U.S. Securities and Exchange Commission (SEC).

If the application is successful, the initial public offering of the company will be 2,500,000 shares on the NASDAQ with an estimated US$13 to US$15 dollars per share.

Pacific Internet is one of Singapore's three ISP's and will be the first to list in the U.S.

The ISP owns Pacific Internet Philippines and Hong Kong SuperNet Ltd. and is an indirect subsidiary of SembCorp Industries, a leading multi-industrial conglomerate in Singapore.

For legal reasons, representatives of Pacific Internet and its investment bankers, Lehman Brothers, can not discuss the share offering in any detail.

"After two weeks, we will know what the next step is," said Sant Kaur, public relations manager for Pacific Internet. "We will announce something then."



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