Shares of Singapore Telecommunication's broadband unit NetLink Trust were little changed upon listing on Wednesday.
NetLink shares opened at S$0.815 compared to their offer price of S$0.81, data from the Singapore Stock Exchange showed.
The IPO was two times subscribed with S$4.7 billion worth of subscriptions received.
NetLink's $1.95 billion IPO is biggest in Singapore since Mapletree Greater China Commercial Trust's $2.06 billion IPO in February 2013.
Singtel owns 24.99 percent of NetLink.