Container-vessel company MTT Shipping Sdn. has revived plans for an initial public offering in Malaysia that could raise as much as US$200mil, according to people familiar with the matter.
The company, which began operating in 2010, is working with advisers to list its shares in Kuala Lumpur late this year or in 2026 at a targeted valuation of RM4bil, the people said, asking not to be identified because they weren’t authorized to speak publicly.
Deliberations are ongoing, and the size and timing of the deal may change, the people added. MTT declined to comment.
MTT has been mulling an IPO as far back as 2019, when people familiar with the matter said that the company was weighing a RM250mil offering. But the deal never materialized as the Covid-19 pandemic erupted and the country’s benchmark index tumbled to its lowest level since 2009.
Malaysia was among the bright spots for stock deals in Southeast Asia last year, with IPOs raising US$1.6bil, the highest proceeds since 2017, according to data compiled by Bloomberg. Some of Malaysia’s biggest offerings expected this year include MMC Port Holdings Sdn. and Sunway Healthcare Group. - Bloomberg
