Satellite television operator Astro expects to raise more than RM1.1 billion in what is billed as one of Asia's largest share offerings this year, bankers said today.

"For Asia, this is expected to be among the top five largest equity offerings ... this year," Commerce International Merchant Bankers (CIMB) chief executive Nazir Razak told reporters at an underwriting ceremony here.

"This IPO is expected to raise more than the cumulative total of 1.10 billion ringgit raised by the 41 IPOs undertaken in Malaysia so far this year."

He declined to elaborate ahead of the launch of a prospectus next month for the IPO of the Astro All Asia Networks, the operator of satellite pay television owned by tycoon Ananda Krishnan.

CIMB is the adviser, sole bookrunner for the Malaysian institutional offering and managing underwriter for the retail offering.

One million subscribers

Astro is offering 508.40 million new shares in the IPO, comprising a retail portion of 83.40 million shares and institutional offering of 425 million units.

The new shares will comprise 26.60 percent of Astro's enlarged paid-up share capital.

Sister company Maxis Communications Bhd, the country's top cellular operator, was floated last year and is valued at around RM12 billion.

Astro subscribers had grown from 777,747 at the end of 2001 to some one million the end of 2002. - AFP