Malaysia's pay-TV firm Astro opens up 1.0% 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 RM3.03 (S$1.21) on the Kuala Lumpur exchange, only slightly higher than the 3.00 ringgit offer price set for the US$1.5 billion (S$1.8 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.