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Malaysian Network's IPO Gets off to a Good Start
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Malaysia's largest GSM network, Maxis Communications was launched onto the local stock market yesterday, showing a sharp gain over its floatation price. The shares ended the first days trading at RM5.15 (US$1.36) compared to its initial public offer (IPO) price of RM4.36 (US$1.15). This makes the company the sixth largest by value on the Kuala Lumpur Stock Exchange. The IPO raised around US$920 million for the company (inclusive of a debt offering of US$210 million).
Maxis's chief executive officer Datuk Jamaludin Ibrahim said that the company would follow the same strategies it had employed in the past. He also said that he was not overly worried about the impending merger between TM Touch and Celcom, which will push Maxis into the number two slot in the local GSM market. He said that "it will take a couple of years before they can really consolidate themselves". He also did not rule out a potential merger of Maxis and another company, but did say that nothing was being planned at the moment.
Maxis currently holds about 31% of the local market with 2.4 million subscribers. Celcom has 2.1 million subscribers and 30% of the market share, with TM Touch holding 17% and 1.3 million subscribers.'"
Tags: [ipo] [celcom] [maxis] [maxis communications] [kuala lumpur]
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