Malaysia's Maxis debuts at 9.2 percent above IPO

Maxis, owned by Malaysian billionaire Ananda Krishnan, opened with a 46 sen (14 cents) gain above its initial public offering price of 5 ringgit ($1.48).

It marked the trading return of Maxis two years after it was taken private by tycoon Ananda — the world's 62nd richest individual, according to Forbes. Its relisting followed a request by Prime Minister Najib Razak, who is seeking to bolster Malaysia's capital markets.

The debut was at the higher end of analysts' forecast of between 5 percent and 10 percent above the IPO price.

Maxis said earlier this month it raised 11.2 billion ringgit ($3.3 billion) in the sale of 2.25 billion shares, representing 30 percent of its total equity, in the largest such sale in the region.

The company is listing only its domestic operations — a move some analysts say made the IPO less attractive as it excluded its fast growing businesses in India and Indonesia.

Maxis enjoys a 40 percent share in Malaysia's domestic mobile market.

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