The initial public offering (IPO), which could raise US$300 million (RM1.42 billion), would have been the biggest in Malaysia since 2020 when home improvement retailer Mr DIY Group went public, raising RM1.5 billion.

OMS, which specialises in installing cable underwater, would revisit the plan if and when the broader IPO market improves, said the sources, who declined to be named as the matter was private.

They said OMS had planned the IPO on Bursa Malaysia this year and had worked with banks including CIMB.

OMS did not respond to requests for comment. CIMB said it does not disclose or comment on specific names or clients.

Malaysia’s IPO market raised US$621.3 million (RM2.94 billion) in the first nine months of this year, down 15% from the same period a year ago, LSEG data shows.

The global market has been broadly weaker, with IPO proceeds raised so far this year down 25.4% to US$87.3 billion (RM413.12 billion) from the same period a year ago, LSEG data shows.

OMS offers services including subsea telecommunications installation and maintenance, and digital infrastructure engineering, procurement, maintenance and construction.

Its clients include tech companies, telecommunications companies and telecommunications equipment suppliers.

At the end of 2021, OMS raised US$32 million (RM151.4 million) by selling a 10% stake to investors including AIA and MIDF Amanah Ventures in its first external equity fundraising since it began operations more than two decades ago.