Maxis set for $3.3 billion IPO in Asia share sale boom

By Julie Goh and Saeed Azhar

KUALA LUMPUR/SINGAPORE (Reuters) - Malaysia's biggest mobile phone operator Maxis Bhd is set to raise $3.3 billion in Southeast Asia's biggest initial public offering, as companies rush in for multi-billion dollar listings before the year ends.

Maxis, together with China Minsheng Banking Corp (600016.SS) and casino firm Sands China Ltd, will lead more than $10 billion in share sales in Asia, joining more than 30 companies planning to list in either Hong Kong or India over the next few months.

Southeast Asia's new share offerings -- which collapsed during the financial crisis -- is slowly reviving after it trailed China, where IPOs were helped by record low interest rates and economic stimulus packages.

"It is entirely natural when you get a certain degree of recovery in markets, the floodgates open and the IPO market wakes up again," said Peter Elston, a strategist at Aberdeen Asset Management Asia in Singapore.

"We are getting close to the year-end now and the sensible bet would be that if you are a company it would be best to get your IPO done this year rather than next year."

The IPO from Maxis will be followed by a $2 billion listing of CapitaLand's (CATL.SI) shopping mall trust in Singapore later this month as issuers try to tap in investor demand ahead of 2010 when there is some uncertainty about a recovery.

Maxis' offer of 2.25 billion shares received strong demand as its size ranks it among the top five stocks on Malaysia's benchmark index.

"The lack of shares for public consumption has driven up demand," said Ikmal Hafizi, an analyst at Kuala Lumpur-based TA Research. "And fund managers needing to have exposure to (Malaysia's) benchmark stocks have no choice but to invest in Maxis."