KKR plans to revive listing for MMI

Visual from MMI website

Precision-engineering firm MMI International, owned by US-based private equity firm KKR and Co is attempting to list in Singapore, and has initiated talks with banks, according to an executive familiar with the development. This is KKR’s third attempt to take the company public.

KKR had pulled out from a $786 million flotation of MMI International in 2011, and subsequently deferred another plan to list the company in the following year (2012) due to weak market conditions. In 2012, it had aimed to raise between $400 million to $500 million from its Singapore listing.

Stabilisation of the stock market and a slew of successful PE exits in the region is making the company take another look at its dormant IPO plans.

KKR too is learnt to have met banks last week on MMI International’s proposed listing. The US-headquartered private equity firm had bought out MMI, which specialises in electrical and mechanical parts for computer hard disks, in 2007 and took the company private, in a deal worth S$1.01 billion. At that time, the company had revenues of $550 million.

MMI International had been listed on the Singapore exchange from 1997 to 2007.

Asked specifically on plans for listing MMI International, the KKR spokesperson said the PE firm does not comment on ‘market speculation’.

At this stage it is not known what percentage stake KKR will divest and the timing of the proposed listing has not been confirmed.

MMI has operations in Singapore, Thailand, Malaysia, Thailand and the US. Under KKR’s ownership it has made several acquisitions including that of Metalform (renamed to MMI Precision Forming), Precision Magnetics and IntriPlex Technologies based in US and Thailand.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.