Malaysia's Tune Insurance up 2.2 pct in debut after $100 mln IPO

KUALA LUMPUR Tue Feb 19, 2013 8:14pm EST

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KUALA LUMPUR Feb 20 (Reuters) - Shares of Malaysia's Tune Insurance Holdings Bhd opened at 1.38 ringgit per share in their market debut on Wednesday, 2.2 percent above the initial public offering price of 1.35 ringgit.

The $100 million flotation marks the first of the three listings expected to raise a combined $500 million that Tony Fernandes and Kamarudin Meranun, founders of Asia's largest budget carrier AirAsia Bhd, have planned this year.

The other two are the planned listing of long-haul carrier AirAsia X on the Malaysian bourse and Indonesia AirAsia on the Indonesia stock exchange.

Shares of Tune Insurance was quoted at 1.36 ringgit in the first few minutes of trade, while the broader index was almost flat. (Reporting by Niluksi Koswanage and Yantoultra Ngui; Editing by Chris Gallagher)

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