Malaysia’s biggest IPO to draw Aberdeen, AIA

Previous headlines

KUALA LUMPUR: Credit reporting agency CTOS Digital Bhd is in talks to sign up Aberdeen Standard Investments and AIA Group Ltd as cornerstone investors for its planned initial public offering (IPO), according to sources.

Eastspring Investments Bhd, Fidelity International and several local asset managers are also in discussions to participate in what could be Malaysia’s biggest listing this year, the sources said.

The company aims to sell shares in the IPO for as much as RM1.10 each, said the sources.

At that price, the IPO would raise about RM1.2bil based on its draft prospectus’ indicative offering of 1.1 billion shares.

CTOS plans to file an official prospectus before the end of the month, when it will formally confirm the cornerstone investors, according to the sources.

Deliberations are ongoing and the investor lineup as well as pricing could still change.

CTOS has met with multiple international institutions and is in discussions with joint bookrunners, who will provide updates if any, Dennis Martin, group chief executive officer of CTOS, said in response to a Bloomberg News query.

Representatives for AIA, Eastspring and Fidelity declined to comment, while a representative for Aberdeen didn’t immediately respond to requests for comment.

Malaysia’s IPO market has been slow to recover from the coronavirus pandemic, as rising cases prompted a return to a nationwide lockdown earlier this month.

Companies have raised US$84.3mil (RM348.4mil) in 2021 through first-time share sales, according to data compiled by Bloomberg.

The largest IPO to date is real estate developer Teladan Setia Group Bhd’s offering, which raised RM99.2mil)in February.

CTOS, backed by private equity firm Creador Capital Group, provides data and analytical tools to clients to help them manage credit risk and prevent fraud, according to Creador’s website. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Malaysia , IPO , CTOS , Aberdeen , AIA , Eastspring Investments ,


Next In Business News

Political turmoil spurs selling on Bursa
Hong Leong Bank launches virtual hackathon Asean edition focused on ESG
Growth in China's July services activity speeds up, but risks loom
Ringgit opens lower on Brent crude decline
Singapore banks report strong profit growth, loan losses decline
Asian shares near one week highs but Delta woes mount
Political worries send KLCI below 1,500 again
Quick take: Pecca succumbs to profit taking
Quick take: Hartalega shares rise on earnings beat
Falling ASP casts doubt on Hartalega's outlook

Stories You'll Enjoy