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Singapore's MMI sounds out investors for up to US$300m IPO: IFR

Tuesday, May 26, 2015 - 12:29

[SINGAPORE] Singapore's MMI Technologies, an electronics parts company owned by private equity firm KKR & Co LP, has started meeting with investors for an initial public offering worth between US$200 million and $300 million, IFR reported.

Book building will start in mid-June and the IPO will include the sale of primary and secondary shares, said IFR, a Thomson Reuters publication, citing a source close to the transaction.

KKR, which led a US$700 million private-equity buyout in 2007, owns about 70 per cent of the company through an investment vehicle, according MMI's website. MMI makes parts for hard disk drives and counts Seagate Technology Plc as a key customer.

It was not immediately clear if KKR was selling its entire stake in the IPO or will retain a minority stake.

The company unsuccessfully attempted a US$500 million listing in 2011, according to IFR.

A KKR spokesman declined to comment on the IPO plans.

Bank of America Merrill Lynch, Credit Suisse and DBS Bank are the lead managers on the transaction.

Representatives for the banks declined to comment, while MMI could not be reached for comment.

REUTERS

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