Astro set to be Malaysia's latest big IPO
2012-08-22 16:58:58
Malaysian satellite broadcaster Astro said on Wednesday it would offer up to 1.52 billion shares in the latest in a string of large IPOs in the Southeast Asian country this year.
Malaysia's stock market has already seen the world's second and third-largest new stock offerings of 2012 -- plantation company Felda Global Ventures in June and hospital operator IHH last month.
Astro's offer will represent up to 29.2 percent of its share capital, it said in a draft prospectus published on the website of the country's securities regulator.
The bulk, or 1.26 billion, of the shares will be offered to institutional and selected investors, while the rest will be earmarked for a retail offering, it said.
The prospectus mentioned no pricing details.
But the listing could raise more than $1.5 billion and take place between late September or early October, Dow Jones Newswires quoted unidentified people familiar with the plan as saying.
An Astro official did not immediately respond to a request for comment.
Astro dominates Malaysia's satellite and pay-television markets, reaching millions of homes with more than 150 different channels.
Astro's prospectus said it would use most of the proceeds for capital expenditures, including a new corporate building, aimed at expanding the group's business.
Astro is partly owned by tycoon Ananda Krishnan, Malaysia's second-richest man, who has a net value of $9.9 billion, according to Forbes magazine.
In March, Ananda sold his energy assets to a government investment vehicle for $2.8 billion in one of the region's largest-ever power deals.
The large share offerings have made Malaysia a rare bright spot in an otherwise gloomy world environment for IPOs that has seen some big issues delayed due to the economic climate.
Felda raised $3 billion with its listing on the Kuala Lumpur exchange, while IHH, Asia's biggest hospital operator, raised $2.0 billion in a dual stock listing in Malaysia and neighbouring Singapore.
Only the massive $16 billion IPO of social media leader Facebook in May earned more.