Majority of Ranhill’s future USD 319mil IPO targeted at sukuk redemption

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Ranhill Energy will use about 70 percent of the IPO proceeds to redeem Islamic notes and bonds, 19.1 percent to pay off company acquisitions, 7.1 percent to expand its water business in China, and the rest for listing expenses, according to a draft prospectus filed on Jan. 13.

Maybank Investment Bank is the principal adviser for the IPO.

CIMB Investment Bank and Maybank Investment Bank are the joint global coordinators and bookrunners.

They are also the underwriters for the deal.

Malaysia’s state investor Khazanah Nasional Bhd plans to list its theme park business next year in an IPO that could raise up to USD 150 million.

The company, which counts its president and chief executive, Hamdan Mohamad, and regional investment fund Cheval Infrastructure Fund LP among its shareholders, provides engineering services for the onshore and offshore oil and gas, refinery and petrochemical industries.

It also owns and operates two 190-megawatt combined-cycle gas-fired power plants in the west Malaysian state of Sabah, and was awarded an exclusive licence by the government to provide ‘source-to-tap’ water supply services in Johor, the second most populous state in the country.

The company also plans a China expansion.

Malaysia was the top IPO market for Asia except -Japan in 2012, boosted by government privatisations and a strong economy, but the IPO pipeline slowed ahead of the polls because of concerns over market volatility.

“We are looking at quite a number of listings (this year), probably as many as last year or more, but not the size,” Maybank Investment Bank Bhd’s CEO Zafrul Aziz said.

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