Arab Today, arab today malaysia\s astro opens up 10 percent in ipo
Last Updated : GMT 17:04:03
Arab Today, arab today
Arab Today, arab today

Malaysia\'s Astro opens up 1.0 percent in IPO

Arab Today, arab today

Arab Today, arab today Malaysia\'s Astro opens up 1.0 percent in IPO

Kuala Lumpur - AFP

Malaysia's biggest pay-TV firm Astro opened just 1.0 per cent up on its IPO price on Friday, below expectations for its return to the bourse in Southeast Asia's third-largest share sale this year. Astro shares opened at 3.03 ringgit (US$1.00) on the Kuala Lumpur exchange, only slightly higher than the 3.00 ringgit offer price set for the US$1.5 billion flotation. Analysts had expected the stock to open up to 10 per cent above its offer price. Astro dominates the nation's pay-to-view television market, reaching millions of homes and offering more than 150 different channels. The share offer was launched despite a volatile global economy that has forced the delay of other major IPOs in Asia, including a planned US$2.5 billion Formula One listing in Singapore. Palm oil giant Felda Global Ventures Holdings raised US$3 billion on the Kuala Lumpur exchange in June, followed by the US$2 billion dual listing of IHH, Asia's biggest hospital operator, in Malaysia and neighbouring Singapore. Astro was delisted from the Malaysian stock exchange following a 2010 buyout by Malaysia's second richest man, Ananda Krishnan and Khazanah Nasional, the investment arm of the Malaysian government. When the company was taken private it was valued at US$2.6 billion.

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Arab Today, arab today malaysia\s astro opens up 10 percent in ipo Arab Today, arab today malaysia\s astro opens up 10 percent in ipo

 



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