Malaysia's biggest convenience store operator, 7-Eleven Malaysia Holdings Bhd, is seeking to raise up to $226 million in its initial public offering, a term sheet of the deal showed.

The company, controlled by Malaysian billionaire Vincent Tan, set an indicative price range of 1.33 ringgit to 1.38 ringgit per share. The top end of the range values the company at a forward price-to-earnings ratio of 19.5 times.

It is offering 117.71 million shares to institutional investors and about 39.5 million shares to retail investors.

That is in addition to 305.27 million shares, equivalent to 24.8 percent of the company's enlarged share capital, allotted to cornerstone investors, which include AIA Company Ltd and Matthews International Capital Management, the term sheet said.

Unlike many other IPO deals in Malaysia, cornerstone investors in 7-Eleven Malaysia are not subject to a lock-up period.

Pricing is slated for May 16 and its market debut set for May 30.

Maybank and UBS are the joint global coordinators and are the joint bookrunners along with CLSA, CIMB and Kenanga.

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