Astro slips below IPO price (Update)

KUALA LUMPUR: Shares of Astro Malaysia Holdings Bhd fell below its initial public offer (IPO) price of RM3 in late Friday trade, trailing the 30-stock FBM KLCI.

At 3.38pm, Astro was down nine sen to RM2.95. There were 3.259 million shares done at price ranging from RM2.91 to RM3.04.

The KLCI rose 10.61 points to 1,808.51. Turnover was 1.45 billion shares valued at RM1.46bil. There were 512 gainers, 244 losers and 298 counters unchanged.

Malaysia's biggest pay-TV firm was listed on Oct 19, 2012. It raised about RM4.6bil, thus also making it South-East Asia's third largest IPO that year.

At RM3, Astro was then valued at about RM15.75bil. When Astro All-Asia Networks plc was taken private in 2010, it was valued at RM4.30 a share or RM8.3bil.

Recent filings showed US-based T. Rowe Price Associates, Inc had been selling some its shares from Jan 28 to 30.

During that period, it disposed of 584,500 shares and reduced its shareholding to 5.12% or 266.08 million shares.

Its 52-week high was RM3.23 on May 31, 2013 and its 52-week low RM2.67 on Feb 26, 2013.

According to Bloomberg data, at the current market price of RM2.95, Astro is trading at a price-to-earnings (P/E) of 36.42 times while the estimated P/E for its financial year ended Jan 31, 2014 was 33.52 times.