Set to pick advisers for a listing as early as the end of 2020, according to sources.
KUALA LUMPUR: U Mobile Sdn Bhd, a Malaysian mobile service provider, is planning to raise about US$500mil in an initial public offering in Kuala Lumpur, according to people familiar with the matter.
The company is set to pick advisers soon for a listing that could happen as early as the end of 2020, said the people who asked not to be named as the information is private. First-time share sales in Malaysia have rebounded and nearly tripled to US$452mil so far in 2019, from US$164mil for the same period last year.“U Mobile is in the process of planning an IPO and we are targeting to go public next year, ” chief executive officer Wong Heang Tuck said in an emailed response to questions. “However, the exact timing would be largely dependent on market conditions.”
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