Astro pre-markets $500 million IPO

As Asian equity markets continue to rise, Astro tests investors'' willingness to switch from dividend to growth plays.

The $400 million to $500 million IPO of Malaysian satellite broadcaster Astro marks a turning point for the region's equity markets in 2003, as the primary market switches focus back to the traditional Asian growth stock after months of dividend yield plays. Under the lead management of CIMB, DBS, Goldman Sachs and UBS, pre-marketing of the deal began last Monday, with formal roadshows scheduled for the week of September 22 and pricing towards the end of the second week of October.

Astro is a company, which is only expected to become profitable for the first time by its January year-end in 2004. As such, a successful flotation will depend on...

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