HKBN, Hong Kong’s second largest broadband provider, on Friday filed for an initial public offering (IPO), via which shareholders including private equity firm CVC Capital Partners will cut their stakes, Reuters reports. The preliminary filing had no details on the planned size of the IPO, which Reuters previously estimated at USD500 million, while HKBN will raise no funds from the IPO, with all proceeds going to CVC and other selling shareholders. HKBN CEO William Yeung and several other HKBN employees will also sell part of their stakes, the filing said. HKBN hired Goldman Sachs, JPMorgan and UBS as joint IPO sponsors, and selected Rothschild as financial adviser. CVC owns 70.7% of HKBN’s holding company, with Singaporean investment fund GIC holding 11.3% and Carlyle’s AlpInvest Partners 8.1%. UK-based CVC bought HKBN from City Telecom (which subsequently became Hong Kong Television Network) in May 2012 for HKD4.87 billion (USD628 million), and three months later sold a USD40 million stake to GIC and a USD29 million stake to AlpInvest Partners. HKBN posted HKD53.6 million of net profit in its fiscal year ended August 2014 on revenue of HKD2.13 billion, compared to a loss of HKD139 million on HKD1.95 billion sales in FY13.