Maxis's record-size IPO sees heavy cornerstone participation

The Malaysian mobile operator returns to the market with an IPO of up to $3.6 billion two years after being taken private, but this time it will list only the domestic portion of the business.

Maxis Berhad will kick off the bookbuilding for its initial public offering today, having already secured the participation of four cornerstone investors, who will buy a combined $950 million worth of shares, or up to 29.7% of the deal depending on the price. The heavy cornerstone involvement -- three domestic pension funds and Fidelity -- will boost the chances that Malaysia's largest IPO ever will be a success.

The Malaysian mobile operator, which is a spin-off from Maxis Communications (MCB), is seeking to raise between M$10.8 billion and M$12.4 billion ($3.2 billion to ...