Prolintas Infra Business Trust kicked off its initial public offering (IPO) on Wednesday, marking the country’s first listing of a business trust. The IPO, expected to raise RM445.3 million, has garnered significant interest from investors and is priced at up to 95 sen per share.
Backed by eight cornerstone investors, including Permodalan Nasional Bhd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd, and Kenanga Investors Bhd, the IPO is poised to make a substantial impact on Malaysia’s capital market.
Cornerstone investors, known for their commitment to purchasing a significant portion of IPO shares before the offering, have lent their support to boost the trust’s appeal to potential investors.
The IPO, set to close on March 12, will culminate in a listing on March 25. The final IPO price, to be determined on March 13, will be determined based on the lower of the retail price of 95 sen per share or the institutional price, as stated in the prospectus.
Comprising an offer-for-sale of up to 468.7 million existing units, the IPO has allocated up to 422.95 million units to institutional and select investors through bookbuilding. Additionally, up to 45.75 million units are available under its retail tranche to the public, directors, and other eligible individuals.
The cornerstone investors have collectively agreed to acquire 299.85 million IPO units at 95 sen per share as part of the institutional offering, further reinforcing investor confidence in the trust’s potential.
Proceeds from the IPO will be channeled entirely to Projek Lintasan Kota Holdings Sdn Bhd, owned by Permodalan Nasional Bhd, while Prolintas Infra, the owner of four highway concessions, will not receive any proceeds.
AmInvestment Bank Bhd serves as the principal adviser for the IPO, alongside joint bookrunners and underwriters CIMB Investment Bank Bhd and Maybank Investment Bank Bhd. RHB Investment Bank Bhd is also a joint underwriter, further solidifying the robust support for the IPO.
