IPO Ranhill Energy Said to Raise $236 Million in Malaysia Share Sale

IPO Ranhill Energy Said to Raise $236 Million in Malaysia Share Sale
Business & Markets 2013
Written by Bloomberg
Tuesday, 16 July 2013 12:18

(July 16): Ranhill Energy and Resources Bhd., a Malaysian energy and water company, raised 753 million ringgit ($236 million) after pricing its initial public offering at the top end of a marketed range, according to two people familiar with the sale.

The company, based in Kuala Lumpur, sold shares to institutional investors for 1.85 ringgit each, said the people, asking not to be named because the information is private. Ranhill Energy had offered the shares at between 1.70 ringgit and 1.85 ringgit.

Ranhill Energy is raising the funds after the re-election of Prime Minister Najib Razak helped lift Malaysia’s stock benchmark to a record on May 14. Najib has promised to spend as much as $444 billion on infrastructure and the FTSE Bursa Malaysia KLCI Index is within one percent of its high.

Ranhill Energy is part of RANHILL BHD []. which was delisted in 2011 after a buyout led by Chief Executive Officer Hamdan Mohamad. Hamdan wasn’t immediately able to comment on the pricing when phoned out of normal office hours yesterday.

The revamped company is now focusing on providing engineering services to the oil and gas industry. It also operates power plants and manages water and wastewater concessions, according to the listing prospectus.