Malaysia Maxis to raise at least $3.2 bln in IPO-source

KUALA LUMPUR Oct 21 (Reuters) - Malaysia's top telecom firm Maxis plans to raise at least 10.8 billion ringgit ($3.21 billion) in its IPO next month, said a source on Wednesday.

Maxis has set an indicative price range from 4.80 ringgit a share onwards and the bookbuilding process for the IPO, according to a fund manager who has been informed about the pricing details.

Maxis plans to sell 2.25 billion shares, or 30 percent, of its existing share capital in the sale. Its spokesman was not immediately available for comment.

Proceeds from the listing, expected in the week of Nov. 16, are aimed at reducing parent Maxis Communication Bhd's debt and meeting funding requirements of its investments in India and Indonesia.

Malaysian telcos are trading at a steep premium to their regional peers. Some fund managers have said they will most likely own a smaller portion of Maxis shares in their portfolios than the stock's actual weightage in the benchmark FTSE Bursa Malaysia KLCI.[ID:nKLR20588]

CIMB (CIMB.KL), Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N) are joint-bookrunners for the IP0 and UBS (UBSN.VX), JPMorgan (JPM.N) and Nomura (8604.T) are co-bookrunners.

(Reporting by Soo Ai Peng; Editing by David Chance)