Dealogic figures for IPOs by exchange in Asia show that the addition of Felda and IHH would propel Bursa Malaysia ahead of the Hong Kong exchange as Asia’s largest market for international listings by value.
Hong Kong has raised $1.4 billion via 20 IPOs so far this year, according to Dealogic, a fraction of the tens of billions raised in each of the past several years.
“In contrast to the current lull in global IPOs, the Malaysian market is a bright spot,” ANZ analysts said.
Both issues also have secured over a dozen “cornerstone” investors between them, including BlackRock , Och-Ziff Capital Management , insurance group AIA , and sovereign wealth funds in Qatar and Singapore.
IHH is the healthcare unit of Khazanah, Malaysia's state investment agency, and has assets including Turkish hospital group Acibadem, Singapore’s Parkway Holdings and India’s Apollo Hospitals .
It is expected to raise about $2 billion in a listing due late next month.
The Kuala Lumpur exchange has seen $327 million raised so far this year in five IPOs. If plans for a third large Malaysian IPO are included – the roughly $1.5 billion float by cable television company Astro All Asia Networks, expected in the fourth quarter – Malaysia is on course to raise $6.7 billion this year, ANZ said.
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