Malaysian plantations-to-motoring group Sime Darby has hired four banks to arrange a stock market listing for its autos business that could raise $500 million by the second quarter of next year, sources familiar with the matter said on Tuesday.CIMB Investment Bank, Deutsche Bank, Maybank Investment Bank and Morgan Stanley are working on the initial public offering (IPO), the sources said."The deal could be bigger, it depends on the valuation at that point of time," one of the sources said.Sime Darby, the world's top palm oil planter by landbank size, had invited banks to pitch for the IPO mandate last month.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.41% or $0.13/share to $32.08. In the past year, the shares have traded as low as $25.25 and as high as $33.60. On average, 9033280 shares of MS exchange hands on a given day and today's volume is recorded at 6591186.
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