Chubb Insurance Malaysia has begun the IPO process for a planned Main Market listing on Bursa Malaysia, based on a draft prospectus published for public feedback.

Reuters reported that the insurer plans to sell 300 million existing shares, equal to 30 percent of its issued capital.

The entire offering is an offer for sale by its sole shareholder, Chubb INA International Holdings.

As all the shares are existing shares, the proceeds will go to Chubb INA rather than the Malaysian operating entity.

The draft does not include details on valuation or the expected listing date.

The institutional portion totals 249.55 million shares and is open to institutional and selected investors, including Bumiputera investors approved by the Ministry of Finance.

The retail tranche covers 50.45 million shares for Malaysian public investors and the company’s independent directors.

Pricing for retail applicants will be determined using the lower of the retail price or the institutional bookbuilding price, and the offering remains subject to clawback and reallocation provisions.

Maybank Investment Bank has been appointed as the principal adviser, sole bookrunner and underwriter for the IPO.

Chubb Malaysia operates as a licensed general insurer offering products such as motor, property and personal accident coverage.

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