Firm Astro Malaysia sets IPO to raise 1.5 bln USD
- Jia Ning Tan
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E-mail Xinhua, October 4, 2012
Firm Astro Malaysia sets IPO to raise 1.5 bln USD
KUALA LUMPUR, Oct. 4 (Xinhua) -- Malaysia's pay television operator, Astro Malaysia Holdings Berhad, has priced its initial public offering (IPO) at three ringgit (0.98 U.S. dollar) per share at the upper end of the proposed price range to raise 1.5 billion U.S. dollars after receiving strong demand, the company said in a statement Thursday.
The IPO price would give Astro Malaysia, which is partly controlled by Malaysia's second richest man Ananda Krishnan, a market capitalization of 5.1 billion U.S. dollars.
The listing would come after a series of notable listings by Malaysia-based companies: the 3.2-billion-U.S. dollar and the world's second largest listing by plantation operator, Felda Global Ventures Holdings Bhd in June and a 2-billion-U.S. Dollar dual listing of hospital operator IHH Healthcare in Singapore and Malaysia.
Trading of Astro Malaysia's shares is scheduled to begin on Oct. 19, according to the prospectus.
The company is planning to list up to 1.52 billion ordinary shares, representing about 29.2 percent of the total issued and paid-up share capital.
It said it had received commitments from 16 cornerstone investors for almost a third of the IPO before the order-taking started.
Demand for the institutional offering book exceeded the number of shares available by 30 times.
The company was delisted from the Malaysian bourse in 2010 following a takeover deal that valued it at 2.8 billion U.S. dollars.
It currently runs Malaysia's only pay-television and eight other radio channels.
Malaysian shipment giant MMC Corp would be the next in line to list its subsidiary Malakoff later this year, making Malaysia one of the world's most active IPO markets. Enditem
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