KUALA LUMPUR Feb 20 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
(Reporting by Niluksi Koswanage and Yantoultra Ngui; Editing by