Malaysia-based mobile service provider Maxis intends to raise $3.65 billion through its upcoming initial public offering (IPO).

Malaysia-based mobile service provider Maxis intends to raise $3.65 billion through its upcoming initial public offering (IPO).

Maxis, which will sell 30 per cent of its existing share capital in the IPO, has set an indicative price range of $1.4 to $1.6 per share.

The share offer comprises a tranche of more than 2 billion shares for institutional investors, over 90 per cent of the total, and a retail investor portion of 212.3 million shares. Meanwhile, investors including the country’s largest pension fund, the Employees Provident Fund, and mutual fund company Fidelity are planning to invest in Maxis.