Maxis to raise at least RM10.8b in IPO?
Written by Reuters
Wednesday, 21 October 2009 18:48
KUALA LUMPUR: Malaysia's top telecom firm Maxis plans to raise at least RM10.8 billion in its initial public offering (IPO) next month, said a source today.
Maxis has set an indicative price range from RM4.80 a share onwards and the bookbuilding process for the IPO, according to a fund manager who has been informed about the pricing details.
Maxis plans to sell 2.25 billion shares, or 30%, of its existing share capital in the sale. Its spokesman was not immediately available for comment.
Proceeds from the listing, expected in the week of Nov 16, are aimed at reducing parent Maxis Communication Bhd's debt and meeting funding requirements of its investments in India and Indonesia.
Malaysian telcos are trading at a steep premium to their regional peers. Some fund managers have said they will most likely own a smaller portion of Maxis shares in their portfolios than the stock's actual weightage in the benchmark FTSE Bursa Malaysia KLCI.
CIMB, Credit Suisse and Goldman Sachs are joint-bookrunners for the IP0 and UBS, JPMorgan and Nomura are co-bookrunners. — Reuters
Written by Reuters
Wednesday, 21 October 2009 18:48
KUALA LUMPUR: Malaysia's top telecom firm Maxis plans to raise at least RM10.8 billion in its initial public offering (IPO) next month, said a source today.
Maxis has set an indicative price range from RM4.80 a share onwards and the bookbuilding process for the IPO, according to a fund manager who has been informed about the pricing details.
Maxis plans to sell 2.25 billion shares, or 30%, of its existing share capital in the sale. Its spokesman was not immediately available for comment.
Proceeds from the listing, expected in the week of Nov 16, are aimed at reducing parent Maxis Communication Bhd's debt and meeting funding requirements of its investments in India and Indonesia.
Malaysian telcos are trading at a steep premium to their regional peers. Some fund managers have said they will most likely own a smaller portion of Maxis shares in their portfolios than the stock's actual weightage in the benchmark FTSE Bursa Malaysia KLCI.
CIMB, Credit Suisse and Goldman Sachs are joint-bookrunners for the IP0 and UBS, JPMorgan and Nomura are co-bookrunners. — Reuters