Malaysia S Iskandar Waterfront Targets Us 1 2b Ipo In First Half Of 2021




Malaysian developer Iskandar Waterfront Holdings (IWH) is planning to list in the first half of 2021 to raise at least RM5 billion (US$1.2 billion) after getting the go-ahead to start work on a mega project, its executive vice-chairperson said
An RM1.24 billion deposit and advance payment completed on Tuesday fulfilled its initial contractual obligations to the government to allow the group and its partner China Railway Engineering Corp (CREC) to start work on Bandar Malaysia
The mega-project on the fringe of Kuala Lumpur city centre was initially announced in 2011, scrapped in 2017 and reinstated in April last year
IWH's IPO plan has been contingent on the multi-billion city development project progressing, and after scrapping plans for a backdoor listing in 2017, it revived a plan to list on its own last year
Executive vice-chairperson Lim Kang Hoo said in an interview that infrastructure construction and earthworks are planned for early next year
IWH intends to submit its IPO application by the end of this year, and is targeting long-term institutional investors like pension funds, Lim said
He said IWH is valued at RM20 billion, based on valuations of more than 4,000 acres of land it owns in the south of the Malaysian peninsular. Plans are to raise a minimum 25 percent of that value in the listing
"This is a fully asset-backed IPO. Buying one share is like buying one square foot of the land," he said
Lim said RM3.7 billion of the proceeds will be used to clear debt incurred from acquiring 60 percent of the Bandar Malaysia project alongside CREC from the Finance Ministry
The project is supposed to serve as the terminus for a planned Kuala Lumpur-Singapore high-speed rail link
"The commitment to develop Bandar Malaysia is an endorsement of investor confidence, in Malaysia's ability to weather the current headwinds and provide a conducive environment for businesses and investments to thrive," Finance Minister Tengku Zafrul Abdul Aziz said
The company also plans to expand to other parts of Malaysia and in Southeast Asia
IWH has appointed CIMB to lead its listing, while ICBC, Bank of China and CITIC are book-runners, Lim said
- Reuters

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