Hutchison Whampoa's Israeli joint-venture mobile telephone network, Partner Communications, has raised US$525 million through an initial public offering on the Nasdaq Stock Market and in London.
The company sold 38.88 million shares, or a 21.74 per cent stake, at $13.50 each.
The price was at the high end of a $11 to $14 range the company targeted.
Allocation was being completed yesterday and the share will start trading in New York on Monday.
The company has the option to exercise a greenshoe of 5.83 million shares, which, if exercised, will raise an additional $78.74 million.
The proceeds from the share sale will be used to reduce $650 million in bank loans and fund further expansion of Partner's network.
Hutchison also should receive some of the proceeds as Partner would repay some of the loans from its shareholders, according to sources.