Malaysia’s Bumi Armada Listing Will Net $897m
July 08, 2011
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Kuala Lumpur. Bumi Armada is set to raise 2.7 billion ringgit ($897 million) in a planned initial public offering, a term sheet showed, in what could be Southeast Asia’s second-largest listing this year.
The offshore oil and gas service provider sold its institutional portion of 798.7 million shares at 3.03 ringgit per share.
The books were covered almost 50 times ahead of its listing on July 21 with strong demand almost evenly split between domestic and foreign investors.
The retail portion of 79.9 million shares was set to be priced at 3.15 ringgit per share or at the institutional price, whichever is lower. That means the retail investors will also pay 3.03 ringgit apiece for Bumi Armada shares.
Bumi Armada is part of the stable of companies owned Malaysian tycoon T. Ananda Krishnan, who also has a controlling interest in Malaysian telecommunications firm Maxis.
The IPO will become the largest offer in Southeast Asia after Hutchinson Port’s Singapore listing in March.
Reuters
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