MMC Port Holdings has taken a significant step toward executing what could become Malaysia’s largest initial public offering (IPO) in 13 years, following the submission of its draft prospectus to the Securities Commission Malaysia, as reflected on the regulator’s website on Wednesday.
The listing, which will see MMC Corp—the parent company and sole shareholder—divest up to 30 per cent of its stake in MMC Port, could potentially raise more than RM6 billion (approximately US$1.43 billion), according to earlier reporting by Reuters. If realised, this would mark the country’s most substantial IPO since IHH Healthcare’s US$2.1 billion listing in 2012.
Details outlined in the draft prospectus reveal that the IPO comprises up to 4.27 billion shares, including 3.99 billion allocated for institutional investors and 286.1 million for retail participation. However, the document does not specify an expected launch date or a final valuation.
The proposed offering will not generate proceeds for MMC Port itself. The company, however, has indicated a strong capital position and does not anticipate the need for fresh equity funding.
“Our board is of the view that our company presently does not require additional equity funding for our business,” the company stated in the prospectus.
Despite a 9.2 per cent decline in net profit—falling from RM701.13 million in 2023 to RM636.56 million in 2024—MMC Port’s revenue climbed nearly 10 per cent year-on-year, reaching RM4.36 billion. The company has yet to issue an official comment regarding the filing.
-Reuters
