Malaysian offshore contractor Bumi Armada hit the higher end of its expected range as it launched its initial public offering.
The vessel owner raised 2.7 billion Malaysian ringgit ($896.86 million) through the offering in advance of a listing on the Kuala Lumpur bourse, an announcement read today. The company had been targeting between 2.6 billion and 2.7 billion ringgit.
Bumi managed to sell around 878.54 million ordinary shares which represented 30% of the company. Bumi claimed that “total demand for the institutional offering¿was at a level approaching 50 times the number of shares available in the book”.
Buyers were split evenly between Malaysian and international players with “leading institutional investors” also opening their wallets.
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