Malaysia's Iskandar Waterfront $370m IPO to list in June: Sources
KUALA LUMPUR (REUTERS) - Iskandar Waterfront Holdings Sdn Bhd, a Malaysian master property developer, is expected to list on the local bourse in June in a deal set to raise more than US$300 million (S$370 million), two sources familiar with the matter told Reuters.
The initial public offering (IPO) will see the Johor-based company joining a handful of listed master developers in Asia, such as the Philippines' Ayala Corp and Japan's Mitsubishi Estate Co Ltd. Those companies typically develop a region and have a number of property companies in their stable.
"They are targeting a market capitalisation of some 9 billion ringgit (S$3.6 billion)," one of the sources said, declining to be named as the matter was private.
The targeted market value will put Iskandar Waterfront nearly on par with Malaysia's largest property developer UEM Land Holdings Bhd.