Malaysia – Pay-TV operator Astro Malaysia Holdings Bhd is offering up to 1.52 billion shares—which could be worth about US$1.75 billion (RM5.5 billion)—in its initial public offering (IPO) this year. This is Malaysia’s third largest listing this year, after Felda Global Ventures Holdings Bhd (RM9.93 billion raised in June) and IHH Healthcare Bhd (RM6.3 billion raised in July), according to The Star Online.

In an updated prospectus exposure released last Friday, the company said the shares will represent 29.2% of its enlarged issued and paid-up share capital.

Astro said 58% of the IPO proceeds would be used for capital expenditure (capex), while 29.3% would be for repayment of bank borrowings. The remainder would be kept for working capital purposes and to finance the listing exercise.