U Mobile targets US$500mil from IPO

Shareholders of U Mobile include Malaysian tycoon Tan Sri Vincent Tan(pic).

KUALA LUMPUR: U Mobile Sdn Bhd, a Malaysian mobile service provider, is planning to raise about US$500mil in an initial public offering in Kuala Lumpur, according to people familiar with the matter.

The wireless carrier has asked banks for proposals to help with the potential share sale, the people said.