Chubb Insurance Malaysia Files for Malaysia IPO

Chubb Insurance Malaysia Bhd has filed for an initial public offering on Bursa Malaysia to sell 300 million existing shares, or 30% of its issued capital, via an offer for sale by its sole shareholder, Chubb INA International Holdings, according to a draft prospectus filed on Monday.

The IPO comprises 249.55 million shares for institutional investors and 50.45 million shares for retail, according to the draft prospectus.

Proceeds from the sale will go entirely to Chubb INA, the prospectus added, without providing any details on the valuation or timing of the IPO.

Maybank Investment Bank is the principal adviser, sole bookrunner and underwriter. Chubb Malaysia, part of U.S.-based Chubb Ltd, offers general insurance products including motor, property and personal accident coverage.

(Reporting by Yantoultra Ngui; editing by Himani Sarkar)