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NewsHighlight Malaysia's Malakoff IPO institutional offer oversubscribed more than 2 times -sources
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Highlight Malaysia's Malakoff IPO institutional offer oversubscribed more than 2 times -sources
by Cals Sat 18 Apr 2015, 01:08
Highlight
Malaysia's Malakoff IPO institutional offer oversubscribed more than 2 times -sources
By Reuters / Reuters | April 17, 2015 : 12:26 PM MYT
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KUALA LUMPUR (Apr 17): Institutional investors bought into Malaysia's biggest listing in nearly three years, oversubscribing an initial public offering by Malakoff Corporation Bhd worth up to $756 million by more than two times, according to three people with direct knowledge of the matter.
Bookbuilding for the institutional tranche of the IPO by Malaysia's largest independent power producer - equal to more than 25 percent of the total offering - was set in a tight range between 1.75 ringgit and 1.80 ringgit per share, sources had said.
The up to 2.74 billion ringgit listing comes as many local companies, susceptible to significant volatility in energy prices and the ringgit, opt against embarking on IPOs, for fear that volatility could squeeze their valuations.
The IPO also serves as a gauge of investor sentiment on the planned $3 billion IPO of the Edra Global Energy Bhdpower unit of indebted Malaysian state investor 1MDB's, bankers have said. Edra Global is a direct and smaller competitor of Malakoff.
Malakoff was not immediately available to comment.
($1 = 3.6275 ringgit)[/size]
Malaysia's Malakoff IPO institutional offer oversubscribed more than 2 times -sources
By Reuters / Reuters | April 17, 2015 : 12:26 PM MYT
Share on facebookShare on twitter
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KUALA LUMPUR (Apr 17): Institutional investors bought into Malaysia's biggest listing in nearly three years, oversubscribing an initial public offering by Malakoff Corporation Bhd worth up to $756 million by more than two times, according to three people with direct knowledge of the matter.
Bookbuilding for the institutional tranche of the IPO by Malaysia's largest independent power producer - equal to more than 25 percent of the total offering - was set in a tight range between 1.75 ringgit and 1.80 ringgit per share, sources had said.
The up to 2.74 billion ringgit listing comes as many local companies, susceptible to significant volatility in energy prices and the ringgit, opt against embarking on IPOs, for fear that volatility could squeeze their valuations.
The IPO also serves as a gauge of investor sentiment on the planned $3 billion IPO of the Edra Global Energy Bhdpower unit of indebted Malaysian state investor 1MDB's, bankers have said. Edra Global is a direct and smaller competitor of Malakoff.
Malakoff was not immediately available to comment.
($1 = 3.6275 ringgit)[/size]
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