Pay TV firm Astro Malaysia Holdings Bhd has set an indicative price range for its US$1.5 billion listing and lined up 16 cornerstone investors for what could be the country’s third-biggest initial public offering this year.
Astro, controlled by Malaysia’s second-richest man Ananda Krishnan, set an indicative price range of RM2.70-RM3.00 per share for institutional investors for its IPO that could raise up to RM4.56 billion (US$1.5 billion), two sources with direct knowledge of the deal said.
The institutional book for Astro will open on Wednesday, said one of the sources, who declined to be identified as the deals were not yet public.
Cornerstone investors placed bids for more than 70 percent of the institutional shares as of last Thursday, the other source said, underscoring the growing interest in Malaysian deals and the emergence of Southeast Asian capital markets.
“They have secured 16 cornerstones,” said a third source, declining to identify the investors as they may still change their plans.
Cornerstones such as big money managers or sovereign wealth funds back many Asian listings, committing to buy large, guaranteed stakes and agreeing to a lock-up period during which they will not sell their shares.
The Astro IPO, expected to be listed by end-September or early October, would follow a US$3.3 billion share sale by Felda Global Ventures Holdings Bhd in June and IHH Healthcare Bhd’s US$2.1 billion IPO in July.
Malaysia, where the government has a heavy hand in the economy and the equity market is dominated by local investors and large domestic pension funds, has defied a gloomy trend elsewhere that saw several IPOs pulled due to a lack of investor interest.
Equity issuance in Malaysia stands at about US$7.9 billion year-to-date, compared with US$3.9 billion last year, and the shares of Malaysian IPOs this year have gained 17 percent on average since the companies were listed, according to Thomson Reuters publication IFR.
Astro is offering up to 1.52 billion shares in its IPO, of which 597.69 million shares will be offered to indigenous so-called bumiputra investors, 661.75 million to institutional investors, and the balance to retail investors.
Based on the indicative price range, the total 1.52 billion shares offered could be worth RM4.1 billion-RM4.56 billion.
Astro officials couldn’t be immediately reached for comment by phone on Wednesday.
Ananda, who owns telecom and energy companies, is relisting Astro after it was privatised in 2010 in a deal that valued it at around US$2.8 billion.
The deal is being handled by CIMB Group Holdings Bhd , Malayan Banking Bhd and RHB Capital Bhd. Several foreign banks are also advisers, including UBS AG, Credit Suisse Group AG, Goldman Sachs Group Inc and JPMorgan Chase & Co. -- Reuters
10月初上市‧ASTRO料筹45亿6千万
（吉隆坡19日讯）消息人士披露，付费电视ASTRO公司的新股发行计划，机构投资者的认购新股指定价，每股在2令吉70仙至3令吉之间，预料该公司发行新股可筹获45亿6千万令吉的资金。
机构价2.70至3令吉
ASTRO的新股预计在9月杪或10月初上市，是大马今年来第三大售股计划，前面两名分別是6月的联土全球（FGV，5222，主板种植组）与7月的综合保健控股（IHH，5225，主板贸服组）。
ASTRO是由大马第二大富豪丹斯里阿南达控制，他也在电讯与能源领域进行投资。
熟悉有关交易的人士指出，ASTRO新股发行计划的预先订价將在今日公佈。
以上述指定价估算，为数15亿2千万股的发售，可筹获41亿至45亿6千万令吉。
这项新股上市计划由联昌集团（CIMB，1023，主板金融组）、马来亚银行（MAYBANK，1155，主板金融组）及兴业资本（RHBCAP，1066，主板金融组）负责，外资顾问银行包括瑞士银行、瑞士信贷、高盛及JP摩根。（星洲日报／財经）
机构价2.70至3令吉
ASTRO的新股预计在9月杪或10月初上市，是大马今年来第三大售股计划，前面两名分別是6月的联土全球（FGV，5222，主板种植组）与7月的综合保健控股（IHH，5225，主板贸服组）。
ASTRO是由大马第二大富豪丹斯里阿南达控制，他也在电讯与能源领域进行投资。
熟悉有关交易的人士指出，ASTRO新股发行计划的预先订价將在今日公佈。
以上述指定价估算，为数15亿2千万股的发售，可筹获41亿至45亿6千万令吉。
这项新股上市计划由联昌集团（CIMB，1023，主板金融组）、马来亚银行（MAYBANK，1155，主板金融组）及兴业资本（RHBCAP，1066，主板金融组）负责，外资顾问银行包括瑞士银行、瑞士信贷、高盛及JP摩根。（星洲日报／財经）
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http://www.theedgemalaysia.com/business-news/220701-astro-sets-rm270-300-per-share-for-rm45b-ipo-sources.html
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