Subsea cable firm OMS considering US$300m IPO

According to those with knowledge of the situation, OMS Group Sdn Bhd, a Malaysian business that instals cable underwater, is considering a listing in Kuala Lumpur as early as next year that may raise as much as US$300 million (about RM1.34 billion).

The company is collaborating with financial advisers on the anticipated initial share sale, according to the people, who declined to be named because the procedure is confidential. According to the people, it is aiming for a valuation of over $1 billion based on robust profits growth and increased spending by telecom companies on digital infrastructure.

Bloomberg News reported in October that OMS had requested banks to make proposals for the potential initial share offering and was looking at locations such as Australia, Hong Kong, Malaysia, and Singapore for a listing.

If the offering goes through, it will increase the country of Southeast Asia’s first-time share sales. According to data gathered by Bloomberg, the initial public offering (IPO) would be the largest Malaysia has seen in more than a year, surpassing the US$363 million listing of MR DIY Group (M) Bhd in October 2020.

The size and timing of the IPO may potentially alter as a result of ongoing discussions, according to the sources.