Cleary Gottlieb Steen & Hamilton and Albar & Partners have advised Malakoff Corporation Bhd, Malaysia's biggest independent power producer, on its $766 million IPO, the country’s biggest in almost three years.
Clifford Chance, led by partner Johannes Juette, advised a group of 13 banks serving as joint placement managers on the international aspects of the IPO, with Adnan Sundra & Low acting as Malaysian counsel to the underwriters.
According to Reuters, the 2.74 billion ringgit listing was the biggest for Malaysia's becalmed IPO market since 2012. Listing proceeds have totalled $10.9 million so far this year, just 1 percent of what was raised in 2014.
Malakoff is Southeast Asia's largest independent power firm by generation capacity, and plans to use funds raised to repay debt as it positions itself for growth in a region with increasing electricity demand growth.
The company hired Maybank as the transaction manager for the IPO. Maybank is also the joint global co-ordinator with CIMB, Credit Suisse and JPMorgan. Bank of America Merrill Lynch, Deutsche Bank, HSBC, Morgan Stanley, Nomura and RHB are joint bookrunners.
