Malakoff prices IPO at top

IPP powers through with IPO thanks to strong support from domestic institutions.

Malakoff Corporation Berhad, South East Asia's largest independent power producer IPP, has priced its initial public offering at the top of the range after receiving strong support from domestic institutional investors.

Including the greenshoe, Malakoff has raised M$3.15 billion $866.5 million from the deal, making it the second largest equity offering of the year from South East Asia after Thailand's Jasmine International's $1.1 billion IPO. 

However, while foreign institutional investors did participate more strongly than had been anticipated, the deal was largely a domestic affair. Malaysian accounts took up 82% of the 1.749 billion shares on offer including the greenshoe. Pricing came at M$1.80...

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