Malaysian shipyard IPO expected to raise over RM1bn

MISC’s shipyard unit is expected to raise over RM1bn from its planned initial public offering. The IPO of Malaysia Marine and Heavy Engineering (MMHE) on Bursa Malaysia was approved by MISC shareholders on Tuesday. A circular from MMHE said it gave an indicative pricing of RM3.80 per share raising gross proceeds of RM1.04bn to RM1.16bn. MISC said MMHE would receive gross proceeds of RM995.6m if the shares were issued at the IPO price, and that it would be utilised for a yard optimisation programme, capital expenditure in Turkmenistan and listing expenses. The listing is expected to take place by the end of October.