(July 23): OCI Holdings Co is considering listing its Malaysian polysilicon unit on the Kuala Lumpur stock exchange to raise as much as RM1.5 billion, according to people familiar with the matter.

South Korea-based OCI is talking to financial advisers on a potential initial public offering that could value OCI Malaysia at up to RM6 billion, the people said, asking not to be identified as the process is private.

An IPO to raise RM1 billion to RM1.5 billion may take place in the second half of next year, they said. That could make it Malaysia’s biggest listing since home improvement retailer Mr DIY Group (M) Bhd raised RM1.5 billion in its 2020 IPO, data compiled by Bloomberg shows.

Deliberations are ongoing and there’s no guarantee that OCI will proceed with a listing of the unit, the people said. OCI is considering various options for the Malaysian unit, including an IPO, but no final decisions have been made, a representative for the company said in response to a Bloomberg News query.

OCI Malaysia makes polysilicon, which is used in semiconductors and solar panels, with a plant in Sarawak that produces 35,000 metric tonnes of solar PV polysilicon a year, its website shows.

Seoul-listed parent OCI has fallen 28% this year for a market value of about 1.5 trillion won (US$1.1 billion or RM5.1 billion). Founded in 1959, the company produces a range of chemicals, petrochemicals and carbon materials. It established a regional headquarters in Kuala Lumpur in April for its business expansion in Southeast Asia.

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