KUALA LUMPUR, Dec 30 — Malaysian engineering group Serba Dinamik Holdings Bhd is looking to raise RM584 million ringgit in an IPO on the domestic stock exchange in February, its CEO said, in what would be the country's biggest listing in 19 months.

The company will offer 389.4 million shares in the IPO with a retail price of RM1.50 each, though the final offer price will be determined after a bookbuilding exercise with institutional investors in January, group chief executive officer Mohd Abdul Karim Abdullah told Reuters in an interview.

Reuters had reported in August citing sources that the group was looking to raise about RM600 million in an IPO.

Appetite for IPOs in the Malaysia market has shrunk on the back of a weak currency and volatile commodities markets that have dragged down economic growth in the country.

The largest Malaysian IPO this year was by Ranhill Holdings Bhd for RM386.8 million through a reverse takeover, according to Reuters data.

Malakoff Corporation Bhd and Sunway Construction Group Bhd raised RM2.74 billion and RM550 million, respectively, in May and July 2015.

Serba — which provides engineering solutions to the oil and gas, and power sectors — will use part of the IPO proceeds for cross-border acquisitions, with a focus on companies with manufacturing capabilities, group CEO Karim said.

"We want to add on to our field services and offshore capabilities. (Through these acquisitions) we can also supply parts to the clients,” he said.

Karim said the group continued to generate revenue and income growth despite operating in a low crude oil price environment.

"We are less susceptible to low oil prices as we are a provider of engineering solutions to the oil and gas, and power generation industries with extensive international presence,” he said, adding that Serba's customers and projects are primarily in the production and refining segments, which are more stable than the exploration segment of the oil and gas industry.

Outside of its home country, Serba also has businesses in Indonesia and the Middle East, among others.

RHB Investment Bank, Affin Hwang Investment Bank, AmInvestment Bank and Kenanga Investment Bank are bankers for the IPO. — Reuters