KUALA LUMPUR, July 11 — AirAsia X Bhd.’s shares were stabilised by Malayan Banking Bhd yesterday, preventing the budget airline from becoming only the second Malaysian stock in a year to fall below its offer price on its Kuala Lumpur debut.

Maybank, as the nation’s biggest lender is known, bought 19.5 million shares at RM1.25 yesterday, matching the initial offer price, according to an exchange filing by AirAsia X today. The stock closed unchanged yesterday. It traded 0.8 per cent higher at RM1.26 at the midday break today.

“The timing is a bit unfortunate given the overall cycle of investment into Southeast Asia,” Gerald Ambrose, who oversees the equivalent of US$1.7 billion (RM5.3 billion) as managing director at Aberdeen Asset Management Sdn, said by phone in Kuala Lumpur. He said Aberdeen Asset doesn’t own AirAsia X shares.

Kuala Lumpur emerged as the world’s fifth-largest destinations for share sales last year, surpassing Asian financial hubs including Singapore, data compiled by Bloomberg show. Slowing economic growth and political protests from Brazil to Turkey have since spurred capital flight from emerging markets. Speculation of reduced Federal Reserve stimulus has also deterred overseas investors from holding riskier securities.

As stabilising manager, Maybank’s investment banking unit can buy as many as 118.5 million shares in AirAsia X within the first 30 days of trading, according to a filing on June 25. CLIQ Energy Bhd is the only one of 13 stocks that traded for the first time in Kuala Lumpur in the past 12 months to fall below its offer price on debut, data compiled by Bloomberg show.

Share Sale

AirAsia X, the long-haul arm of Malaysia’s AirAsia Bhd., raised RM988 million in its share sale. It priced shares midway between the RM1.15 and RM1.45 range marketed to institutions, even after demand for stock outstripped supply, chief executive officer Azran Osman-Rani said in an interview yesterday.

Two of Asia’s four biggest first-time share sales in 2012 came from Malaysia as the nation raised a total RM21.2 billion last year, data compiled by Bloomberg show. Felda Global Ventures Holdings Bhd., a Kuala Lumpur-based palm oil producer, lured US$3.3 billion, making it the world’s third-biggest IPO last year, the data show. It jumped more than 16 per cent on its debut, though is now trading 1.1 per cent below its offer price for institutions at RM4.50.

IHH Healthcare Bhd., Asia’s biggest hospital operator, is trading 42 per cent higher after raising US$2 billion in a dual listing in Kuala Lumpur and Singapore last July.

Westports Malaysia Sdn and UMW Holdings’ oil and gas unit are among companies that intend to mount IPOs in Kuala Lumpur this year. Ranhill Energy Bhd, a power and water company, is currently gauging investor interest to raise as much as RM753 million, two people with knowledge of the matter said on June 17. — Bloomberg