Malaysia's stock exchange announced today it will launch its initial public offering (IPO) Wednesday.

The company, which will list on March 18, has previously said it would offer 166 million shares, of which 49.1 million will be allocated to directors, employees and persons who have contributed to its success, entitled shareholders and the public.

The remaining 116.9 million shares will be offered to selected international and Malaysian investors to be determined by the managers and bookrunners, in consultation with Bursa Malaysia.

The Sun newspaper reported, quoting documents made available, that the stock exchange has projected a net profit of RM60 million for 2005 compared with RM35 million in 2004.

The newspaper said the projected earnings would give the exchange a price-earnings multiple of about 25 times based on the indicative price of not more than RM3.00 per share offered to retail investors.