Malaysian Tycoon Syed Mokhtar Said to Mull Property Company IPO

Australian developer Walker Corp. and Malaysian tycoon Syed Mokhtar Al-Bukhary are considering an initial public offering of their joint venture to raise as much as 500 million ringgit ($125 million), according to people familiar with the matter.

WM Senibong Bhd., which develops property including luxury homes in Malaysia’s Johor state, is working with financial advisers on a plan and may seek a valuation of more than 2 billion ringgit in a listing in Kuala Lumpur next year, the people said, asking not to be identified because the information is private.