KUALA LUMPUR (March 13): Prolintas Infra Business Trust on Wednesday fixed the final price of its initial public offering (IPO) at 95 sen per unit, unchanged from the initial price set, valuing the highway concession owner at RM1.05 billion.

At that price, the IPO will raise RM445.3 million for the trust's sole shareholder Projek Lintasan Kota Holdings Sdn Bhd (PLKH) from selling a 49% stake. PLKH is wholly owned by state-controlled asset management company Permodalan Nasional Bhd.

This follows the close of the retail offering and the completion of the bookbuilding process under the institutional offering on March 12, Prolintas Infra said in an exchange filing. The trust is set for listing on March 25.

Prolintas Infra's share sale would be the country's largest in terms of proceeds since health supplement company DXN Holdings Bhd raised RM653 million in May 2023.

The IPO comprised 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.

Prolintas Infra has secured eight of the so-called cornerstone investors — including Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd and Kenanga Investors Bhd — to collectively acquire 299.85 million IPO units at 95 sen apiece as part of the institutional offering.

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 business trust comprises four toll highways, namely Ampang-Kuala Lumpur Elevated Highway (Akleh), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA), and Sistem Lingkaran Lebuhraya Kajang (Silk).