As per the media reports, Maxiz Bhd is mulling to propose 2.25 billion shares for sale in an initial public offering (IPO), in collaboration with its proposed listing on the Main Market of Bursa Malaysia.

It has appeared that 2.07 billion shares would be offered to institutional investors, while 174.975 million shares will be offered to retail investors, as confirmed by Maxis in its draft prospectus posted on the Securities Commission's website Friday.

The draft also described CIMB Investment Bank Bhd as the adviser for the IPO and said that Maxis Communications Bhd (MCB) has applied a restructuring exercise, before the IPO, with the aim of combining its telecommunications operations in Malaysia under Maxis.

The draft prospectus said: "With the IPO and the listing, MCB will re-introduce to the Malaysian equity market the Malaysian business of MCB, i.e. Maxis, which has grown over the years and has strong and stable cash flow."

'Maxis' is the foremost mobile communications service provider in Malaysia by customer base and by revenue, with 11.4 million mobile subscribers. This represents 40 per cent of the estimated 28.5 million mobile subscribers in Malaysia, as of 30 June 2009. The company posted RM8.44 billion revenue for the year ended Dec 31, 2008; and RM4.24 billion for the six months ended 30 June 2009.

Three business segments are included in Maxis' business, which are mobile services, fixed line services and international gateway services.