Maxis, Malaysia's top mobile operator, said it has raised 11.2 billion ringgit (3.3 billion dollars) in Southeast Asia's largest IPO, as its parent looks to expand in the region.

Yeah Kim Leng, chief economist with ratings agency RAM Holdings, said the keen interest was driven by the belief that Maxis shares would appreciate when it lists.

"It is the largest IPO in Southeast Asia. The strong demand is due to investors' belief that they can get strong earnings and there is prospective price appreciation," he told AFP .

ananda krishnan Maxis Berhad, controlled by reclusive Malaysian tycoon Ananda Krishnan and Saudi Telecom, is launching the initial public offering (IPO) on Bursa Malaysia two years after it was taken private and de-listed.

It offered 2.25 billion, or 30 percent, of its shares at a price of RM5. Ninety percent of the shares were taken up by institutional investors.

Parent company Maxis Communications is expected to deploy the proceeds of the sale, slated for Nov 19, on funding an expansion in the booming Indian and Indonesian markets, and to reduce debt.

The listing includes only Maxis' Malaysian mobile business and excludes its ventures in India and Indonesia.

Ananda Krishnan owns a 45 percent stake in Maxis Communications, Saudi Telecom owns 25 percent and the remainder is held by local funds.

- AFP