KUALA LUMPUR: Astro Malaysia Holdings Bhd, the country's largest pay-TV firm, has priced its initial public offering at the top of its indicative range, one source with knowledge of the deal said, to raise about US$1.5 billion in Malaysia's third-largest IPO this year.

Astro, controlled by Malaysia's second-richest man Ananda Krishnan, set the IPO price at 3 ringgit per share, the source said on early Thursday, after gauging institutional investor demand at RM2.70 to RM3.

The IPO is being handled by CIMB Group Holdings Bhd , Malayan Banking Bhd and RHB Capital Bhd . Several foreign banks are also advisers, including UBS AG, Credit Suisse Group AG, Goldman Sachs Group Inc and JPMorgan Chase and Co. - Reuters