| KUALA LUMPUR, Sept 13
KUALA LUMPUR, Sept 13 State investor 1Malaysia
Development Bhd (1MDB) has boosted the target size of its IPO
for its energy assets to around $3 billion, a person with direct
knowledge of the plan told Reuters, as the group looks to repay
debt incurred after a shopping spree for power plants.
An IPO of more than $3 billion would make the 1MDB deal one
of the largest public stock offerings ever in Southeast Asia.
1MDB, which is chaired by Prime Minister Najib Razak, has
been expected to launch a public stock offering for at least a
year, with early predictions of its size ranging from $1 billion
to $2 billion.
After a delay, the process is now kicking into gear, with
1MDB expected to invite banks next month to formally pitch their
services for the IPO, according to people familiar with the
The timing of the pitching process means the 1MDB deal is
likely to land sometime in the first half of 2014, they said.
Goldman Sachs, Maybank and RHB are
expected to have a role in the deal due to their exposure to the
1MDB's debt, one person said.
1MDB, fully owned by the government, did not respond to
requests for comment.