KUALA LUMPUR — Astro Malaysia Holdings Bhd., a Malaysian
cable-television operator, is seeking to raise about $1.5 billion from an
initial public offering, the latest big-ticket deal planned in the Southeast Asian
nation.
The proposed listing of Astro,
partly owned by local telecom magnate Ananda Krishnan and the Malaysian
government's investment holding arm Khazanah Nasional Bhd., is one of several
widely watched deals amid a sluggish Asian IPO market and Facebook Inc.'s lackluster
performance after a $16 billion share sale in the U.S.
On Wednesday, stock in Japan
Airlines Co. edged up 1.1% in its Tokyo trading debut, after an $8.5 billion
offering.
Astro Malaysia is seeking to
price the institutional tranche at between 2.70 ringgit and three ringgit (88
to 98 U.S. cents) a share, a person familiar with the development said
Wednesday. The company is looking to start its roadshow of presentations to
potential investors on Thursday, according to another person with knowledge of
the deal.
The company is offering up to
1.52 billion shares, representing 29.2% of its share capital, according to an
updated draft prospectus filed to the securities regulator last month.
Institutional investors are allocated 1.26 billion shares, with the remaining
259.9 million shares to be sold to the public.
Astro has a virtual monopoly on
pay-TV services in Malaysia and also operates eight terrestrial radio stations.
It was delisted from the Malaysian stock exchange following a 2010 buyout by
Mr. Krishnan and Khazanah Nasional. When the company was taken private in 2010,
Astro was valued at 8.3 billion ringgit, or about $2.7 billion.
Astro has earmarked more than
half of the planned proceeds from the IPO for capital spending, which will
include the construction of a new corporate building and technical facility as
well as investments in broadcast and transmission equipment, it said in the
prospectus.
Malaysia has been one of the
hottest markets for IPOs this year. State-run palm planter Felda Global
Ventures Bhd. raised $3.3 billion, while hospital operator IHH Healthcare Bhd.
raised more than $3.1 billion last month.
Other deals are also in the
works. Port owner Westports Malaysia Sdn. Bhd. is looking to raise $1 billion
from an IPO, people familiar with the matter said recently, while power company
Malakoff Corp. Bhd. is planning a $1 billion deal early next year.
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