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May 26, 2017

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Astro Malaysia pushes IPO price to top end, looks to raise US$1.5 billion

KUALA LUMPUR -- Malaysia's biggest pay-TV firm, Astro, has priced its initial public offering at the top of its price range to raise US$1.5 billion, the firm said Thursday, in Southeast Asia's third largest IPO in 2012.

The offer, which is priced at 3 ringgit (US$0.98) per share, saw demand for the institutional portion outstrip supply by more than 30 times, Astro, which is controlled by Malaysia's second richest man Ananda Krishnan, said.

The move comes despite a broad weakening in the IPO market this year, but comes at a time of strong appetite for new listings in Malaysia.

Astro dominates Malaysia's pay-to-view television market, reaching millions of homes with more than 150 different channels.

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