KUALA LUMPUR, Sept 29 (Reuters) - Malaysia's top telecom firm Maxis Communications Bhd is expected to complete the IPO of its Malaysian operations by mid-November as competition heats up for Asian share listings, two sources with knowledge of the deal siad Tuesday.
Maxis plans to kick start investor roadshows for the share sale by early next month and book building for institutional offering by November 9, said sources -- a fund manager invited to the roadshow and a dealer involved in the sale.
The listing of Maxis Bhd, which will house the Malaysian mobile business, is likely to take place by mid-November, said the sources, who were not authorised to talk to media about the issue. A Maxis spokeswoman said: 'We will make an announcement at the appropriate time.'
Malaysia's largest mobile network operator by market share earlier this month said it plans to offer 2.25 billion shares or 30 percent of its existing share capital in the IPO.
The offering comes about two years after Maxis was taken private by its reclusive Malaysian billionaire owner, Ananda Krishnan, who owns telecom assets in India and Indonesia.
Of the 2.25 billion shares, 27.7 percent will be offered to institutional investors and the remaining to retail investors, according to a draft prospects posted on the market regulator's website on Sept. 18.
Maxis said the relisting would enable the company to access the equity capital market as it pursues growth opportunities.
It did not provide any terms or price of the share offer, but two sources told Reuters in August the IPO would raise $2 billion.
CIMB, Credit Suisse ( CS - news - people ) and Goldman Sachs ( GS - news - people ) are joint book-runners for the share offer, according to the draft prospectus.
Asia's IPO market is recovering strongly as economies bounce back from the global economic downturn and equity markets improve. In Hong Kong alone, there will be at least 21 IPOs raising as much as $25 billion by the end of the year.
In China, the first set of ten IPOs on the country's planned Nasdaq-style second board will freeze a combined 784.1 billion yuan ($115 billion) in funds for subscriptions.
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