Maxis to return to market in $2b IPO

Dylan Bushell-Embling
21 Sep 2009
Daily News

Maxis Communications has launched what is expected to become Malaysia's biggest IPO since 1995.

Maxis will float 30% of its stock, or 2.25 billion shares, on the Kuala Lumpur exchange at an initial cost of 0.10 ringgit ($0.03) per share, the company told Malaysia's Securities Commission.

The IPO will come from existing capital, and no new shares will be created, Maxis said. The company has appointed Goldman Sachs and Credit Suisse as joint book-runners for the share offer.

Maxis expects to raise $2 billion from the offer, company sources toldReuters.

Maxis is the biggest mobile operator in Malaysia. The company also owns a 74% stake in Indian carrier Aircel, and a 44% stake in Axis, Indonesia's newest mobile carrier.

Maxis was delisted in 2007 after it was bought out by entrepreneur Ananda Krishnan and is currently a subsidiary of Krishnan's Binariang GSM. Saudi Telecom owns a 25% stake of Maxis.

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