KKR & Co. LP (NYSE: KKR), a global private equity company, plans to list precision engineering components manufacturer MMI International on the Singapore Exchange, Dow Jones Newswires reported Monday, citing three people familiar with the matter, as financial market conditions stabilize on the island nation.
While it is still unclear how much of MMI New York-based KKR plans to sell, the deal could raise $400 million to $500 million and is expected to take place in the third quarter.
KKR acquired the Singaporean company on July 2007 for $700 million in a private equity buy-out. At the time, MMI had revenues of $550 million.
Last year, KKR had tried to list the precision engineering components company but was thwarted by the global financial market turmoil.
But in 2012, market conditions seem to have improved. Days earlier, Dow Jones reported that private equity firm CVC Capital Partners was looking to list Formula One Group on Singapore to raise at least $2 billion.
On April 12, Indonesia palm oil producer went public in Singapore, raising $195 million.
So far this year, the tiny Southeast Asian nation ranks 10th in global IPO, behind the United States, China, the Netherlands, Hong Kong, Switzerland, Thailand, the Philippines, the UK and South Korea, according to IPO specialist firm Renaissance Capital.
However, if the MMI and Formula One initial public offerings were to go through, they could propel Singapore much higher in the global rankings, as third place Netherland has only notched $1.1 billion year-to-date.