MMC operates five major seaports in Malaysia, including Port of Tanjung Pelapas (PTP) located in southern Johor state.

Malaysian port operator MMC Port Holdings is encountering valuation challenges in its multi-billion dollar initial public offering (IPO). Sources familiar with the matter reveal that the company expects a valuation of $8 billion to $10 billion, but potential investors have shown limited interest, offering a range closer to $5 billion to $6 billion.

Last month, MMC initiated the process of seeking cornerstone investors, hoping they would commit to subscribing to portions of shares before the public offering. However, the valuation gap between parties has slowed negotiation progress. If a compromise can be reached, the IPO could still potentially be completed within this year at the earliest.

If successfully listed, this would become Malaysia's largest IPO in 13 years, with the previous record being IHH Healthcare's listing in 2012, which raised $2.12 billion.

According to the submitted prospectus, MMC plans to issue up to 4.27 billion shares, but has not yet disclosed the final pricing range and fundraising details.

Founded in 2006, MMC currently operates Malaysia's five major ports, covering container, bulk cargo, maritime, and other related services. In 2024, the company's revenue grew 10% year-on-year to 4.4 billion ringgit (approximately $1.01 billion).

Malaysia has been active in the IPO market in recent years. In 2023, the country raised a total of $1.75 billion, leading Southeast Asia. In the first half of this year, 32 companies have already raised over $900 million through IPOs.