KUALA LUMPUR: Malaysia’s largest fast-food operator, QSR Brands, has shelved plans for an initial public offering (IPO) that could have raised as much as US$500mil (RM2.054bil) as potential investors balked at its valuations, sources said.

QSR, backed by the investment arm of Johor state and private equity firm CVC, had marketed the IPO to funds as anchor shareholders in the last few weeks. But they said the roughly 25 times forward earnings multiple being pitched was steep, said the sources, adding that sluggish markets also impacted the offering.