According to my two-player Texas Hold ’Em probabilities, the following are the possible outcomes with suited K/2:
Win 51.24%
Lose 44.82%
Draw 3.94%
My table on Ultimate Texas Hold ’Em shows that the player has the advantage on the Play bet, but a disadvantage on the Ante and Blind bets. In this case, the player is stuck with bad odds on the Ante and Blind. However, his odds are favorable on the Play. So, by making the maximum raise he is getting the most value out of his better than 50% chance of winning. The bad odds on the other two bets bring the overall value under 50%. That value would be even less with a smaller raise.