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Axiata’s Planned $500m IPO

The Malaysian wireless carrier is considering an IPO of its tower unit, Edotco, as early as this year.

Axiata is Malaysia’s largest wireless carrier and is contemplating inviting banks to pitch for the deal this quarter, according to sources in the company. Edotco’s potential float would be a huge lift to the Malaysian market, which last year hosted $1.7bn worth of IPOs. Alongside Edotco, Malaysia’s Edra Power Holdings is also looking to list on the Kuala Lumpur stock exchange this year. Edotco raised $700m last year in a private placement, which reduced Axiata’s stake to 62.4%. Company insiders also stress that the deal is still being deliberated and the plug could be pulled at any time.

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