Maxis will have a market value of 39 billion ringgit ($11.5 billion), the same as when it was taken private and delisted two years ago, making it one of the top five companies by market value on the Malaysian exchange once it relists.

Its existing shareholders are offering to sell 2.25 billion shares, or 30% the company's capital at an indicative price of 5.20 ringgit, in part to raise funds to finance overseas operations which include unlisted Indian mobile phone operator Aircel and Indonesia's PT Natrindo Telepon Seluler.

Malaysian billionaire Ananda Krishnan and Saudi Telecom Co., who currently own 100% of Maxis through Maxis Communications Bhd., will see their combined stake in the company fall to 70% after the IPO.

So far, the institutional portion is close to three times subscribed, while retail subscriptions that closed Thursday have been about 2.5 times subscribed, bankers familiar with the deal said. The final price will be set after a book-building for the institutional tranche closes Monday.

The limited size of the institutional tranche and Maxis' profile as a stock market heavyweight should guarantee an IPO price near the upper end of the company guidance of 4.80 ringgit to 5.50 ringgit a share, fund managers said.

Mutual-fund giant Fidelity Investments, Malaysia's state-owned Employees Provident Fund and two other state-owned funds have committed to buy 28% of the IPO.

An additional 38% offered to ethnic Malay investors has also been fully taken up, said a banker familiar with the deal. This leaves only 34% of the total offering up for grabs by local and foreign funds.

In its IPO prospectus, the company said it will pay out 75% of its net profit as dividend.

MIMB Investment Research analyst Mohd Nazri Khan said the removal of overseas operations from the IPO profile will make Maxis "a pure defensive dividend play instead of [a] long-term growth play."