Formal roadshows for the M$3.06 billion $841.7 million to M$3.15 billion initial public offering by Malakoff Corporation Berhad were launched on Friday, with the institutional order book already four times covered by the end of the first day.

Sources close to the deal say the flotation is likely to price at the top end of its M$1.75 to M$1.80 range given the strong support it has received, particularly from domestic institutions. Almost all of the orders are said to have come in at strike, indicating no price sensitivity.

The deal has been bolstered by the syndicate’s pre-marketing efforts, which ended with a majority of the paper...