SINGAPORE: OCI Holdings Co is considering listing its Malaysian polysilicon unit on Bursa Malaysia to raise as much as RM1.5bil or about US$320mil, according to people familiar with the matter.

South Korea-based OCI is talking to financial advisers on a potential initial public offering (IPO) that could value OCI Malaysia at up to RM6bil, the people said, asking not to be identified as the matter is private.

An IPO to raise RM1bil to RM1.5bil 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 RM1.5bil in its 2020 IPO, data compiled by Bloomberg show.

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.

 - Bloomberg