According to the prospectus, the public tranche includes 169 million new shares, which are expected to raise RM498 million (S$227.6 million). This will be invested in the company's telecommunications business.
The remainder will belong to Time dotCom's parent company, Time Engineering Bhd, which will still maintain a 55 percent stake in the telecommunications company. Khazanah Nasional Bhd will hold another 30 percent.
Time Engineering is struggling with debts of RM5.2 billion (S$2.37 billion). It is hoping that Time dotCom, which runs Malaysia's largest fiber-optics network, will attract investors, to what will be the nation's largest IPO since 1995.
However, analysts told The Straits Times that they were not optimistic about the launch.
As far as timing goes, this one is a disaster," said Vickers Ballas research head Sebastian Chang. "You could probably get the shares cheaper in the secondary market."
However, whether or not investors bite, Time dotCom is safe, as the IPO is fully underwritten by a group of investment banks led by Commerce International Merchant Bankers.
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