Malaysia’s Tune Ins raises $92 million from IPO

The insurance product manager attracts strong demand for the country’s first IPO this year, while Sunway Reit raises $103 million from a follow-on offering.

Tune Ins Holdings, which is partly owned by AirAsia, has raised M$283.8 million $92 million from an initial public offering in Malaysia, after fixing the price slightly below the midpoint of the indicative range, a source said yesterday.

According to Dealogic, this is the first IPO in Malaysia this year. It comes after the country became a bright spot for IPOs last year supported by ample domestic pension money. Malaysian IPO volumes reached $7.5 billion in 2012, boosted by a few billion dollar deals, up from $2.3 billion in 2011, the Dealogic data show.

Tune Ins’ order books were closed on Monday February 4,...

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