Prolintas Infra Business Trust Launches Malaysia’s First Business Trust IPO, Targeting RM445.3 Million

PROLINTAS INFRA BUSINESS TRUST

Opening of application 06 Mar 2024
Closing of application 12 Mar 2024
Balloting of application 14 Mar 2024
Allotment of IPO shares to successful applicants 22 Mar 2024
Tentative listing date 25 Mar 2024

KUALA LUMPUR (March 6): Prolintas Infra Business Trust on Wednesday began taking orders from investors for an initial public offering (IPO) that will gross RM445.3 million and is set for the country's first listing of a business trust.

The IPO, priced at up to 95 sen per share, is backed by eight of the so-called cornerstone investors that include Permodalan Nasional Bhd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd and Kenanga Investors Bhd.

Cornerstone investors typically agree to buy a large chunk of IPO shares ahead of the IPO, and their presence helps in boosting the company's appeal to other potential investors.

The offering will close on March 12, and the listing is scheduled for March 25. The final IPO price, to be determined on March 13, will be equal to the lower of the retail price of 95 sen per share or the institutional price, according to the prospectus.

The IPO comprises an offer-for-sale of up to 468.7 million existing units, of which up to 422.95 million units have been allocated to institutional and select investors through bookbuilding. Also on offer are up to 45.75 million units under its retail tranche to the public, directors and other eligible individuals.
The eight cornerstone investors have agreed collectively to acquire 299.85 million IPO units at 95 sen per share as part of the institutional offering.

The funds raised from the IPO will go entirely to Projek Lintasan Kota Holdings Sdn Bhd owned by Permodalan Nasional Bhd. Prolintas Infra, which owns four highway concessions, will not get any of the proceeds.

AmInvestment Bank Bhd is the principal adviser for the IPO as well as the joint bookrunner and underwriter with CIMB Investment Bank Bhd and Maybank Investment Bank Bhd. RHB Investment Bank Bhd is also a joint underwriter.

Price RM0.95. Last year FYE rugi but got cornerstone investors. Still considering whey it’s good or not.

Good?

The funds raised from the IPO will go entirely to Projek Lintasan Kota Holdings Sdn Bhd owned by Permodalan Nasional Bhd. Prolintas Infra, which owns four highway concessions, will not get any of the proceeds.

Weird?

This post has been edited by kelvinfixx: Mar 6 2024, 04:22 PM

Those 4 highways ain’t great. And it’s loss making. My personal understanding is that they want to dispose of these unprofitable highways to the public/retail.

mahal giler

RM0.95 seunit...

Gov want to raise fund

Big, expensive, every holidays got free tolls by PMX.

Wonder if many use their highways.

#tayor

How come this ipo has no new public issue ? Only a big portion of offer for sale ( ofc) ...seems existing shareholders let go shares for cash

Still losing money atm, not sure if worth buying.. any sifu analysis?

This post has been edited by froz3nnoob: Mar 6 2024, 10:07 PM

Need to read the prospectus first
By paper maybe at loss due to some accounting requirement
Focus on cash flow more important

Weird cant find their ipo yet, their opening was on 6/3 isnt ?

already open on CGS itrade

If PLUS highway... Especially if including NSE...

Maybe I can consider...

This one seems so so only....

until Q3 2023 lose money... highway trust is new thing. but i think wont be boompipi

https://www.bursamalaysia.com/market_inform...?ann_id=3428445

Seriously wondering how this IPO trust gotten approvals??

Only profitable business can list??

I think i saw a nees saying this kind of ipo is first of his kind on KLcI

What ya 2 cent abt this stock? Planning to buy a bit to test

This post has been edited by froz3nnoob: Mar 7 2024, 03:20 PM

not sure about this IPO...

first time see this kind of Trust IPO..

later would think over it..

see what the IBs have to say about it.. can get some idea

"The reason why we set this up in the business trust structure is purely for the cash flow. Dividends will be paid out from the operating cash flow, which is revenue after operating cost rather than conventionally where it is paid out from the retained earnings.

"The focus for the trust is to ensure capability to pay out an attractive dividend yield.

“As we have already targeted a payout of RM70 million for the first year, it comes down to a yield of 6.7%. With this, we hope we can attract interest from investors," he said at the launch of the IPO prospectus on Wednesday.

Business trust is an asset class introduced in the Malaysian capital market following the release of the Securities Commission Malaysia's Business Trusts Guidelines which came into force on Dec 28, 2012. Conventional companies are restricted to paying dividends out of accounting profits, while business trusts can pay distributions to investors out of operating cash flows.

yield of 6.7%??

dividend play...

seems like one competitors to Tiger Bank (not same sector btw)

I will skip this ipo, short term loss making company & too expensive ipo.if ipo 25 sen, can consider.

This post has been edited by tomjason: Mar 8 2024, 08:16 AM

like REITs but buy highways as the asset.

Actually Highways can be profitable if managed PROPERLY with long term vision and thinking

Yeah. It's something like REITs...

But REITs is properties based meanwhile this is highway based assets 😄

They need to link with many of the township around the highway... Increase the traffic... Sure profit one...

will add into my dividend portfolio if it can perform consistently.
Now they start with a loss

But they have no Dividend policy unlike REITs
the first dividend payout of RM70m accounts for only 6.3636 sen per share (RM70,000,000 / 1,100,000,000) paid across FY2024/FY2025

can someone explain why it make so huge losses in 2023? not so understand about the tax deferment. tqtq

No dividend policy??
Hmmm...

Then how to sell this IPO??? People to subscribe...

Already making losses... That one also seriously don't know how they get approval for listings....

Now this??

They did say that they will use 70% of their profit as dividends compare to 90% of REIT

BUT only if they r profitable.. short term wise not suitable.. of HODLER maybe can consider

Cornerstone investors including PNB & TH

They expected to be profitable???

These funds really depends on investee companies dividend to survive... Not fully, but substantial amount too... Safe investment

Maybe it's national service

I am quite convinced with the cornerstone investor are on board
Maybe will subscribe some

high profile cornerstone investor on board are no guarantee to successful openings of IPO listings

Those investors more towards dividend only. They don’t care about ipo price.

Possibilities is there...

And since it's highway assets... Needs to be in Malaysian hands...

Dividend play stocks...

But it's loss making??

long term investors...

in hope getting dividends...

Just finish reading the prospectus
I am abit concerned on the sustainability of 6% dividend long term . This highway have a high finance cost , and the 2023 revenue from toll collection actually reducing

But those cornerstone investors have confidence???

Especially PNB & TH...
Which is major public investment funds...

TA tp rm1.06

https://www.klsescreener.com/v2/news/view/1291289

anyone applying for this IPO?

still thinking over about it

Any latest ref number?

are this PROLINTAS good deal IPO?

It's for dividend play stocks...

But the assets not exactly performing excellently?? 🤔🧐

Maybe in 20-30 years time

If this the case...
It's not looking good...

And with those cornerstone investors like PNB & TH (which many Malaysian invested their $$$$$ in).... Make wrong choice....

Hmmm.....

PIVB target 1.08



This post has been edited by hhc8: Mar 12 2024, 10:32 AM

the problem is people are skeptical with the FV / Fair Value given by IB especially just a few cents above the IPO price of 95 sen . After all many already Kena TIUU by their@ IB FV

Unlike early last year 2023 / late 2022....all became IPO hungry ( IPO ADDICT ? hmmm ) & bombarded ALL IPO

This post has been edited by IPO ADDICT: Mar 12 2024, 01:52 PM

lol, this is the first time I received a notification from MAE app asking me to subscribe for Prolintas IPO. They're that desperate huh?

no one apply? any reference no so far? can share

Just bought... uncle buy both prolintas and zantat

Hurry hurry!!!! Closing soon

Skip. Wish all applicants here best of luck.

skipped...

last minute change my mind
hmmm.....
almost forgot that there will be a book building
will be a refund - a crucial & important safety net here

last 10 minutes ALL OUT BOMBARDING liao

Expecting a JOLLY $$$$$ IPO

This post has been edited by IPO ADDICT: Mar 12 2024, 05:13 PM

4PM

#5019

Wish all applicant all the best

This post has been edited by froz3nnoob: Mar 12 2024, 05:59 PM

should be 100% allocation IPO

Institutional price determinantion today...

this is the safety net for us

if 80 sen - refund of 15 sen....

ICHIPO Bloqspot NOT in the DANGEROUS quadrant

Still 0.95 sen..oversubscribed 3.59 times

Got balloting table bro?

source: https://www.mih.com.my/storage/attachment/b...0INFRA%20BT.pdf

This post has been edited by ronnie: Mar 14 2024, 04:23 PM

Press Release

Not bad...

The oversubscribed rates....

Better than the IVF one 😏

while 4,330 applications for 93,827,700 units were received under the other Malaysian public portion, representing an oversubscription rate of 5.82 times.

Meanwhile, the institutional offering which comprises 422,949,000 units made available to institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) have been fully subscribed.



RAYA JACKPOT Waiting

pergghhh

Dato’ Mohammad Azlan Abdullah, Group Chief Executive Officer of Projek Lintasan Kota Holdings Sdn Bhd expressed, “We are proud of the exceptional subscription response achieved by Malaysia’s first listed business trust, Prolintas Infra BT’s IPO, which reflects confidence in our business model and growth prospects. We are deeply humbled by the trust placed in us and remain committed to delivering strong returns and value to our unitholders.”

The 8 cornerstone investors secured for the IPO, including Permodalan Nasional Berhad, AHAM Asset Management Berhad, AIIMAN Asset Management Sdn Bhd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd, Maybank Islamic Asset Management Sdn Bhd, Kenanga Investors Berhad, and Kenanga Islamic Investors Berhad, had collectively subscribed for 70.9% of the institutional offering. The remaining units available from institutional offering, including the over-allotment option, have received overwhelming demand from investors

This post has been edited by IPO ADDICT: Mar 14 2024, 05:16 PM

Ipo with success chance starting from 40%
Now everyone can get ipo , no need fight

Bumi 100% change. Bahaya tu

Open red for sure

Prolintas has full backing from the local big names institutions...above 1 ringgit on listing day is almost a certainty, i reckon.

see the public - over subscribed 5X +
even success , don't get all , partial only...

ichipo Blog ....put Prolintas not in the red quadrant like Zantat ( dangerous red quadrant )

The dividend of so call 6.7% is not sustainable
If you read the prospectus you will know
This price not worth it at all
I waiting lower price perhaps below 0.8 will be attractive

This one open red...

The other one IVF confirmed red also...
Oversubscribed rate even lower than this Prolintas Trust IPO 😔

The 8 cornerstone investors secured for the IPO, including

1) Permodalan Nasional Berhad,
2) AHAM Asset Management Berhad,
3) AIIMAN Asset Management Sdn Bhd,
4) Lembaga Tabung Haji,
5)Maybank Asset Management Sdn Bhd,
6)Maybank Islamic Asset Management Sdn Bhd,
7) Kenanga Investors Berhad, and
8) Kenanga Islamic Investors Berhad,



had collectively subscribed for 70.9% of the institutional offering. The remaining units available from institutional offering, including the over-allotment option, have received overwhelming demand from investors

Gone case
Even cornerstone investor no confidence
Hence only 70% subscription

Mr Sour Grape dz91 ,

hmmm....your English & Mathematic OK ?....

hello

institutional investors = 8 Corner stones + others ordinary institutional

Corner stones wallap (ed) 70 % out of 100 % >> GREAT sign !! $$$$$ meaning other institutional got 30 %......

Corner stones NOT ALLOWED to be overly hungry - took all 100 % meaning other iinstitutional ( not corner stones ) investors got NO chance ...

Further more the price determination today remained at 95 sen showing positive sign.....if this institutional investors got NO ( OR less confidence ) , they will ask for discount , let say 80 sen instead of remained at 95 sen as of now

This post has been edited by IPO ADDICT: Mar 14 2024, 11:47 PM

If so confidence, should have take up 100% ... even oversubscribed
Why wanna leave for others, lol
U think those cornerstone investors no fund to take up all ?

Even when Corner stones - they got money , ...they have to be fair to other institutional too....can't be overly GREEEEEEDY took ALL 100 % ....leaving other institutional empty handed liao

Baby.. .!

the other point of they got confidence >> NOT asking for discount on price determination ...remained 95 sen

This post has been edited by IPO ADDICT: Mar 15 2024, 12:01 AM

OK very kind of them ...... all 8 cornerstone just show us how noble they are
Leave some profit for others to earn

sure ONE lahh....

& Baby ,

NO SWEAT lahh...$$$$$..

This post has been edited by IPO ADDICT: Mar 15 2024, 12:17 AM

PP all taken up and not given to public portion is actually a good sign

Highways are good assets. Negative PE.

All the best to shareholders

#tayor

the asset is good... but mgmt maybe an issue.
look at MALAKOF

Long term dividend play...

For now...
The dividend yield of 6%+ is in doubt... Not sure it's sustainable or not....

huat chaiii

Already got refund from IPO failed again

count yourself lucky

highly possible of opening below IPO

Still pending on MAE

Maybank result out. Got allocated lol

Sad 😢

https://www.nst.com.my/business/corporate/2...-revenue-growth

Good luck to all IPO winner Monday listing

Steady rise in traffic volume to drive Prolintas' revenue growth

Damn Good

GAP UP

with 8 corner sttones investors

As expected.... should open flat with no profits but loss hahaha suitable for HODLers

This post has been edited by ronnie: Mar 25 2024, 08:49 AM

How its performance upon listing?

Kinda flat. Well many expected it to open below IPO price. Glad it didn't.

highest so far 0.99