HKBN, the city’s second-largest broadband service provider, priced shares on Thursday for its upcoming initial public offering at HK$9 apiece, raising more than US$750 million for its investors and company executives. Private equity firm CVC, a unit of Carlyle, and Singapore’s sovereign wealth fund GIC raised US$710 million, while the two senior executives of the company, including its chief executive officer William Yeung, raised US$40 million worth of shares in the public offering, people familiar with the deal said. Yeung said earlier that the reason behind his move to cash in part of his stake during the offering was mainly because he wants to return some cash for his family. HKBN shares are scheduled to commence trading on March 12. The company would not receive any proceeds from the share sale. The HKBN IPO was marketed at a price range between HK$8 and HK$9 apiece, after the company pre-sold US$200 million to the Canada Pension Plan Investment Board, representing about 27 per cent of what will be the city’s first major deal of the year. HKBN offers an expected yield of 4.8 per cent this year, compared with its peer HKT Trust that pays a dividend yield of 4.3 per cent. HKBN targets to gain market share by expanding into the city’s small and medium enterprises. After the listing, the London-based private equity firm CVC will hold about 14.4 per cent of HKBN, down from 70.7 per cent, while GIC will hold 9 per cent, down from 11.3 per cent. The HKBN deal became the second-biggest listing in the Asia-Pacific this year, after Thai telecommunications operator Jasmine International’s flotation of its broadband internet business early this month, which raised US$1.13 billion, according to data provider Dealogic. CVC bought HKBN from Hong Kong Television Network in May 2012 for HK$4.9 billion, according to its listing documents. Goldman Sachs, JPMorgan, and UBS are the managers for the HKBN share offering.