PLUS drives through the finish line

Pricing is completed only hours before world equity markets tumble.

Lead managers JPMorgan and RHB Sakura cleared a $603.95 million IPO for PLUS Expressways yesterday Wednesday bringing to $1.4 billion the amount of equity raised from the Malaysian market over the last month.

This represents no mean achievement given that PLUS and Maxis before it have raised in one month almost double the entire amount of equity issuance from Malaysia in nearly three years. In a regional context, the two IPOs also rank as the second and fourth largest in 18 months alongside CNOOC and PTT.

From the outset, PLUS was always considered the more difficult of the two because of a less exciting equity story and a troubled past, which many...

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