Nine banks pitch for the $1.5 billion IPO of 1 Malaysia Development Berhad’s energy assets

Nine banks have submitted bids for the $1.5 billion initial public offering (IPO) of 1 Malaysia Development Berhad’s (1MDB) energy assets. These banks are Goldman Sachs Group, Bank of America Merrill Lynch, J.P. Morgan Chase, Credit Suisse Group AG, Morgan Stanley, Deutsche Bank AG, Nomura Holdings, Standard Chartered, and Maybank Investment Bank. The launch of the IPO, initially slated for the first half of 2014, has been deferred to the second half. Uncertainty regarding the acquisition of the rights to build a 2,000 MW coal-fired power project has been cited as the key reason for the deferment, as the $3.6 billion power project will help 1MDB to attract investors to the IPO.