Agree with cherroy's observation.

After spending some time going through a few sections of the prospectus, I'm not exactly blown away by what I've seen so far. The main engine for growth in my mind is the Indian operations, Aircel, appears to be carved out. Seems to me that MCB is basically raising proceeds to fund the capex it will need to make in Aircel, India. So what about Listco then? The Msian mobile market is relatively mature, so growth potential is limited in my opinion. 75% dividend policy on declining ARPU in recent periods doesn't bode too well, particularly in a market with increasing competition. Also where is senior management's focus going to be - defending Msian market or growing India?

I've been wondering where all the cash PNB has been raising recently is going to go - I think I know now. Frankly, if you start seeing high valuations, say P/E 15+, then I wouldn't bet my house on the IPO.

As disclosed, annualised 2009 profit of 30.4 cents based on 1H'09 results. So I can't see it pricing at around MYR 3.11 per share, which would be a great discount compared to its competitors such as Digi. At the same time, MYR 7.00 is wishful thinking too. If I had to bet, more likely the low end of that 5-6 range said earlier, or slightly less.

Personally, I'm not so skeptical to view Maxis as a pure dividend play company. There's growth to be had, but it's going to be gradual. Stuff like wireless value added services, gaming and mobile advertising have potential.

IMHO, the results aren't good. First quarter after IPO and missed analyst expectations significantly. From a bankers underwriting point of view, it's terrible if you can't forecast accurately even one year ahead, let alone one quarter. Will be interesting to see the next set of analyst reports. Throw in the extra interest cost they'll be paying going forward from the new loans and the results make for even gloomier reading.