Iskandar Waterfront poised for IPO listing on KL bourse

Education | BLOOMBERG 17 Sep 2020

Iskandar waterfront holdings has hired banks to help prepare for an initial public offering in Kuala Lumpur to raise about five billion ringgit (HK$9.34 billion), in what would be the biggest first-time share sale in the southeast Asian nation since 2012.

The property firm is working with Bank of China, CIMB Group, Citic and Industrial & Commercial Bank of China on the planned IPO, executive vice chairman Lim Kang Hoo said on Tuesday.

The developer plans to submit an application to the Malaysian regulator in two months, he said, adding that the potential share sale values IWH at more than 20 billion ringgit.

The company had originally aimed to list on the domestic bourse this year, but the plan has been pushed back to the second half of 2021 because of the impact from the coronavirus pandemic.

IWH may consider a second listing in mainland China or Hong Kong after it goes public in Kuala Lumpur.

IWH's planned IPO would be the biggest since IHH Healthcare's US$1.3 billion (HK$10.14 billion) sale in 2012. It would also give a boost to the market, which has seen the lowest sum raised through first-time share sales in the year to date since 2000.

IWH is the parent of listed real estate developer Iskandar Waterfront City. The company also holds a stake in a joint venture working on the 140 billion ringgit Bandar Malaysia development project, which is set to be the hub for a proposed high speed rail line that would connect Kuala Lumpur to Singapore.

Originally conceived under 1Malaysia Development, the project hit a bump when the troubled fund was swamped by corruption investigations. Malaysia revived the project in 2019, selling IWH-CREC a 60 pecent stake.

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