KUALA LUMPUR:MSM Malaysia Holdings, the federal land authority's sugar refining arm, has priced its initial public offering at 3.50 ringgit per share for institutional investors, a source with direct knowledge of the deal said on Tuesday, June 14.
The price is at the top end of the RM3.30 to RM3.50 range set earlier, valuing the IPO at about RM817 million (US$269 million).
MSM is selling about 234 million shares in the IPO. The institutional portion would comprise about 206 million shares or 29.4 percent of the enlarged share capital. The retail portion would consist of about 28 million shares or 4 percent of the enlarged share capital.
"Basically, everyone bid the whole book because they knew it was oversubscribed and they wouldn't get any shares," said a fund manager.
Funds raised will be used for capital expenditure and working capital requirements.
CIMB and Maybank are the joint bookrunners.
MSM is a subsidiary of Felda Global Group, the commercial arm of Malaysia's Federal Land Development Authority (FELDA). FELDA is the world's largest estate owner which helps rural settlers to develop PLANTATION []s of agricultural commodities such as palm oil and rubber. - Reuters
The price is at the top end of the RM3.30 to RM3.50 range set earlier, valuing the IPO at about RM817 million (US$269 million).
MSM is selling about 234 million shares in the IPO. The institutional portion would comprise about 206 million shares or 29.4 percent of the enlarged share capital. The retail portion would consist of about 28 million shares or 4 percent of the enlarged share capital.
"Basically, everyone bid the whole book because they knew it was oversubscribed and they wouldn't get any shares," said a fund manager.
Funds raised will be used for capital expenditure and working capital requirements.
CIMB and Maybank are the joint bookrunners.
MSM is a subsidiary of Felda Global Group, the commercial arm of Malaysia's Federal Land Development Authority (FELDA). FELDA is the world's largest estate owner which helps rural settlers to develop PLANTATION []s of agricultural commodities such as palm oil and rubber. - Reuters
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