Iskandar Waterfront plans $300m IPO
Johor-based master property developer Iskandar Waterfront is aiming to raise $300 million in an initial public offering (IPO) at the Bursa Malaysia in June 2013, local media reported.
The planned IPO by company owner Tan Sri Lim Kang Hoo, a local tycoon is looking to value the master development at around $3 billion, causing excitement among international and local investment bankers. The targeted market value will put Iskandar Waterfront nearly on par with Malaysia’s largest property developer UEM Land Holdings.
The company has hired CIMB Investment Bank, Deutsche Bank, JPMorgan and RHB Investment Bank for the IPO, Reuters reported.
Iskandar Waterfront is the master developer of 1,620 hectares of waterfront land in Iskandar, in the southern Malaysian state of Johor near Singapore currently being developed by Iskandar Malaysia Berhad as a complimentary business hub to Singapore, see our earlier story.
The entire waterfront project will have a gross development value of around $27 billion. When completed, Iskandar Waterfront will be a waterfront city fronting Singapore.
Lim Kang Hoo owns 60 per cent of Iskandar Waterfront. His partner in this venture is the Johor state government, which holds the remaining 40 per cent stake in iskandar Waterfront. Both the Employees Provident Fund and Khazanah Nasional Bhd have indirect stakes held via Iskandar Investments Berhad.
The Iskandar Malaysia development region is expected to attract between $5-7 billion in domestic and foreign investments in 2013, Datuk Syed Mohamed Syed Ibrahim, President and CEO of Iskandar Investment Berhad, said recently.
Since its launch in 2006 and up to the end of 2012, Iskandar Malaysia has attracted investments totalling $35.4 billion billion from local and foreign companies. 63 per cent of the investments received was from local companies while 37 per cent was from foreign firms.
[caption id="attachment_6881" align="alignleft" width="264"] Tycoon Lim Kang Hoo owns 60 per cent of Iskandar Waterfront[/caption] Johor-based master property developer Iskandar Waterfront is aiming to raise $300 million in an initial public offering (IPO) at the Bursa Malaysia in June 2013, local media reported. The planned IPO by company owner Tan Sri Lim Kang Hoo, a local tycoon is looking to value the master development at around $3 billion, causing excitement among international and local investment bankers. The targeted market value will put Iskandar Waterfront nearly on par with Malaysia's largest property developer UEM Land Holdings. The company has hired CIMB Investment...
Johor-based master property developer Iskandar Waterfront is aiming to raise $300 million in an initial public offering (IPO) at the Bursa Malaysia in June 2013, local media reported.
The planned IPO by company owner Tan Sri Lim Kang Hoo, a local tycoon is looking to value the master development at around $3 billion, causing excitement among international and local investment bankers. The targeted market value will put Iskandar Waterfront nearly on par with Malaysia’s largest property developer UEM Land Holdings.
The company has hired CIMB Investment Bank, Deutsche Bank, JPMorgan and RHB Investment Bank for the IPO, Reuters reported.
Iskandar Waterfront is the master developer of 1,620 hectares of waterfront land in Iskandar, in the southern Malaysian state of Johor near Singapore currently being developed by Iskandar Malaysia Berhad as a complimentary business hub to Singapore, see our earlier story.
The entire waterfront project will have a gross development value of around $27 billion. When completed, Iskandar Waterfront will be a waterfront city fronting Singapore.
Lim Kang Hoo owns 60 per cent of Iskandar Waterfront. His partner in this venture is the Johor state government, which holds the remaining 40 per cent stake in iskandar Waterfront. Both the Employees Provident Fund and Khazanah Nasional Bhd have indirect stakes held via Iskandar Investments Berhad.
The Iskandar Malaysia development region is expected to attract between $5-7 billion in domestic and foreign investments in 2013, Datuk Syed Mohamed Syed Ibrahim, President and CEO of Iskandar Investment Berhad, said recently.
Since its launch in 2006 and up to the end of 2012, Iskandar Malaysia has attracted investments totalling $35.4 billion billion from local and foreign companies. 63 per cent of the investments received was from local companies while 37 per cent was from foreign firms.
