Maxis, Malaysia’s largest mobile operator, has reportedly raised the minimum price for participation in its forthcoming IPO after initial strong demand for shares. According to sources at Reuters, Maxis is seeking to price the shares between MYR5.00 to MYR5.20 a share (US$1.48 to US$1.54) versus a previous range of MYR4.80 to MYR5.50. This pricing means the IPO could raise between MYR11.25 billion to MYR11.7 billion (US$3.3 billion to US$3.4 billion) in total, making it the largest IPO in the Southeast Asia region in over a decade. The operator’s parent company (Maxis Communications) is selling 30 percent of its capital to reduce debt and finance operations elsewhere, notes Reuters. The IPO, comprising an institutional tranche of 2 billion shares (more than 90 percent of the total), and a retail portion of 212 million shares, is expected to be priced on Tuesday. Book-building for the institutional segment ends today.

Maxis was taken private in 2007 and is currently controlled by businessman Ananda Krishnan (75 percent) and state-owned Saudi Telecom (25 percent). It is the market-leader in Malaysia with just under 10 million connections by the end of the second-quarter according to Wireless Intelligence data, giving it a 37 percent market share. However, Reuters notes that the listed firm will house just the Malaysian business, leaving the fast-growing Indian and Indonesian operations with its unlisted parent, Maxis Communications. The new company is expected to list in Malaysia on 19 November.