Subsea cable installation and telecommunications infrastructure group OMS has put its plan to list on hold due to unfavourable market conditions, two sources with knowledge of the matter said according to Reuters.
The initial public offering (IPO), which could raise $300 million (RM1.4 billion), would have been the biggest in Malaysia since 2020 when home improvement retailer Mr DIY Group went public, raising 1.5 billion ringgit ($317 million).
OMS would revisit the plan if and when the broader IPO market improves, said the sources, who declined to be named as the matter was private.
The sources said OMS had planned the IPO on Bursa Malaysia this year and had worked with banks including CIMB.
OMS did not respond to requests for comment. CIMB said it does not disclose or comment on specific names or clients.
Malaysia’s IPO market raised $621.3 million in the first nine months of this year, down 15 percent from the same period a year ago, LSEG data shows. The global market has been broadly weaker, with IPO proceeds raised so far this year down 25.4 percent to $87.3 billion from the same period a year ago, LSEG data shows.
OMS offers services including subsea telecommunications installation and maintenance, and digital infrastructure engineering, procurement, maintenance and construction.
Its clients include tech companies, telecommunication companies and telecommunications equipment suppliers.
At the end of 2021 OMS raised $32 million by selling a 10 percent stake to investors including AIA and MIDF Amanah Ventures in its first external equity fundraising since it began operations more than two decades ago.