Maxis IPO biggest in Southeast Asia
Filed Under (Business News) by Webmaster on 10-11-2009
Tagged Under : IPO, Maxis
According to Reuters, Maxis Bhd, Malaysia’s biggest mobile phone operator, looks set to raise over US$3.3billion (RM11billion) in its initial public offering which is the biggest IPO in Southeast Asia for more than a decade.
The institutional book – which included funds such as Fidelity, Aberdeen and Malaysia’s biggest pension fund – was “well covered” at above RM5 a share. The institutional portion is oversubscribed by more than two times for a price above RM5.
This means the IPO could raise between RM11.5 billion to RM11.7 billion for its parent which is selling 30% of its existing share capital to reduce debt and finance operations in India and Indonesia. Last month, Maxis said it had secured four cornerstone investors who will buy 28% of the offer.
Maxis is offering 2.25 billion shares in a re-listing targeted for November 19. Maxis is hoping to price the share offering at between RM5 and RM5.20 a share, against an earlier indicative asking price of between RM4.80 and RM5.50 each. The shares are expected to be priced today upon closing of the institutional book-building later on Monday.
CIMB, Credit Suisse, Goldman Sachs are the joint global coordinators and are joint bookrunners with JP Morgan, Nomura and UBS for the deal.
