Legal work surrounding the largest IPO ever in South East Asia has just been completed, with Clifford Chance advising Malaysian phone company Maxis Berhad on its US$3.3 billion IPO ($3.58 billion).
The float saw 2.25 billion shares issued last Thursday by the selling shareholder, Maxis Communications Berhad, and introduced the role of cornerstone investors into the Malaysian market.
Clifford Chance advised Maxis on the deal, following a previous record-breaking IPO that the firm advised Maxis on back in 2002. Clifford Chance partner Crawford Brickley who led the team on both transactions said the IPO represented the increased amount of activity his practice is seeing across South East Asia.
"Strong regional companies, such as Maxis, are taking advantage of stable home markets and recovering liquidity to further their regional and international strategies," he said in a statement.
AAP reported that Maxis Berhad returned 9.2 per cent above the initial share sale on its opening day.