WSJ : Malaysia’s MMC Port Plans to Meet Investors Before Up to $2.0 Billion IPO
The company aims to fix its cornerstone investors by end-August
- MMC Port Holdings will meet with investors from the Middle East, Europe, and the U.S. to raise up to $2.0 billion.
- The company intends to secure its cornerstone investors by the end of August before launching its IPO.
- MMC plans to list on Malaysia’s stock exchange either late in the third quarter or early in the fourth quarter.
Malaysian Port operator MMC Port Holdings will start meeting investors from the Middle East, Europe and the U.S. starting early next week, ahead of an initial public offering to raise up to $2.0 billion, people familiar with the process said.
The company aims to fix its cornerstone investors by end-August before launching the IPO to institutional and retail investors, these people said. It plans to list on Malaysia’s stock exchange by late in the third quarter or early in the fourth quarter of this year, they said.
Securing cornerstone investors before an IPO allows companies to market their offerings more effectively to both institutional and retail investors, especially with large deals.
MMC didn’t immediately respond to an email seeking comment.
Earlier in the day, MMC submitted a draft prospectus for an IPO in Malaysia with plans to sell up to 4.27 billion shares.
MMC, incorporated in Malaysia in 2006, operates five major sea ports, a solid-product jetty terminal, and offers offshore ship-to-ship services.