Malakoff powers on IPO pre-marketing

Domestic players underpin power producer's flotation by agreeing to take up nearly 60% of the institutional tranche.

Pre-marketing for Malaysia's largest initial public offering IPO in three years was launched on Monday, with Malakoff Corporation Berhad hoping to raise up to M$3.17 billion $873.5 million including its greenshoe.

South East Asia's largest independent power producer IPP by generating capacity is proceeding with the float despite tepid Malaysian equity markets and has sensibly underpinned the deal by locking in strong support from domestic cornerstone investors.

The Kuala Lumpur Composite Index has performed reasonably well this year, rising 5.34% in the year to Tuesday, but foreign investors have seen most gains erased by FX losses. The Malaysian ringgit has lost 4% since the beginning of January...

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