Maxis boosts IPO price on back of strong demand

Malaysian telecoms firm Maxis Communications, which owns the country’s largest mobile operator by subscribers Maxis Mobile, has increased the minimum price of its initial public offer (IPO) relating to its Malaysian operations, Bloomberg reports. Maxis has raised the starting price of shares in Maxis Mobile for institutional investors from MYR4.80 (USD1.41) to at least MYR; the top end of the price range remains at MYR5.50 per share, which if achieved would see the sale raise approximately MYR12.4 billion. A bidding deadline has been set at 5pm Hong Kong time today for institutional investors. The move to increase the price follows higher-than-expected demand for the shares.