KUALA LUMPUR, Nov 19 (Reuters) - Shares of Malaysia's biggest mobile phone operator Maxis Bhd are expected to jump 10 percent on the company's trading debut on Thursday, reflecting pent-up demand for the stock from local institutions squeezed out of its IPO allocations.
Traders in Kuala Lumpur said the shares could open at 5.50 ringgit a share, above its IPO price of 5.00 ringgit ($1.49), based on pre-opening orders they had received.
Maxis priced its stock at 5.00 ringgit a share for institutional investors and 4.75 ringgit each for retailers, at the mid-to-lower end of the indicative range.
The IPO, Southeast Asia's largest ever, raised $3.3 billion.
($1=3.364 Malaysian Ringgit)
(Reporting by Soo Ai Peng and Julie Goh; Editing by David Chance)
((aipeng.soo@thomsonreuters.com; Reuters Messaging: aipeng.soo.reuters.com@reuters.net; +603 2333 8039)) Keywords: MAXIS DEBUT/ (If you have a comment or query on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Traders in Kuala Lumpur said the shares could open at 5.50 ringgit a share, above its IPO price of 5.00 ringgit ($1.49), based on pre-opening orders they had received.
Maxis priced its stock at 5.00 ringgit a share for institutional investors and 4.75 ringgit each for retailers, at the mid-to-lower end of the indicative range.
The IPO, Southeast Asia's largest ever, raised $3.3 billion.
($1=3.364 Malaysian Ringgit)
(Reporting by Soo Ai Peng and Julie Goh; Editing by David Chance)
((aipeng.soo@thomsonreuters.com; Reuters Messaging: aipeng.soo.reuters.com@reuters.net; +603 2333 8039)) Keywords: MAXIS DEBUT/ (If you have a comment or query on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.