MMC Port secures regulatory IPO nod, set to be Malaysia's biggest in 13 years

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MMC Port, Malaysia's biggest port operator, said on Monday it has secured approval from the Securities Commission, clearing a hurdle for its planned listing on Bursa Malaysia FTSEMYX:FBMKLCI in October in what would be the country's biggest IPO in 13 years.MMC Port said it will offer up to 4.3 billion shares, representing around 30% of its issued capital with most of the offering allocated to Malaysian and foreign institutional investors, along with select parties. Retail investors will have access to 284.8 million shares in the initial public offering. In July, Reuters reported that the listing could raise more than $1.5 billion, making it the country's biggest IPO since IHH Healthcare's MYX:IHH $2.1 billion debut in 2012.It could also become Southeast Asia's largest IPO since Indonesian tech company Bukalapak IDX:BUKA raised $1.5 billion in 2021, according to LSEG data.

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