Sunday, March 26, 2023

Malaysia’s Maxis Said to Set I.P.O. Price Range

Maxis, Malaysia’s biggest mobile service provider, aims to raise as much as $3.65 billion in the biggest initial public offering in the country, despite a cooling off in demand for Asian listings following China’s flurry of offerings.

Maxis, which will sell 30 percent of its existing share capital in the I.P.O., has set an indicative price range of between 4.80 ringgit to 5.50 ringgit a share, or $1.40 to $1.60, according to a term sheet obtained by Reuters on Friday.

The deal comes to market at a time when demand for I.P.O.’s has slightly soured. The South Korean company Posco Engineering & Construction canceled its planned $926 million offering this past week, citing disappointing interest from investors.

In Hong Kong, Evergrande, a developer based in Guangzhou, dramatically cut its fund-raising target to just $828 million, from $2.1 billion.

The share offer by Maxis comprises a tranche of 2.037 billion shares for institutional investors, more than 90 percent of the total, and a retail investor portion of 212.3 million shares. The company kicked off its institutional book-building process for the I.P.O. on Friday.

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Kugan is the co-founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy

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