Bumi Armada Berhad IPO Listing to Close Early After Strong Investor Demand
Bumi Armada Berhad, Malaysia’s largest owner and operator of offshore support vessels, will be closing its books for its 2.77 billion ringgit ($920 million) at 5pm Malaysia time on July 7 at 5.00 pm (0900 GMT), a day earlier than scheduled, due to strong demand from investors.
According to IFR, a unit of Thomson Reuters, the foreign and domestic institutional tranche of 261 million shares was more than 10 times covered.
This’s definitely a good news for Bumi Armada Berhad as it was well accepted by institutional investors even it was delisted via a privatisation exercise in 2003. This going to be listed company has a proven track record as it were able to taken on major projects and deliver them on time within budget.
Do expect the opening price of this IPO to run.
Maybe it would be shot up and have better performance than MSM Malaysia Holdings Bhd. MSM Malaysia Holdings Bhd ended RM1.39 higher at RM4.89 with 101.192 million shares exchanging hands on the debut.
Read more at MSM Malaysia Holdings Bhd Debuts With 92 Sen Premium
Bumi Armada Berhad’s initial public offering(IPO) will be the biggest IPO since the listing of Petronas Chemicals last year, out of Malaysia this year and is scheduled to start trading on July 21.
It’s set to raise up to 2.77 billion ringgit (USD909 million) by selling 878.53 million shares at an indicative price range of 2.80 to 3.15 ringgit apiece.
.
Bumi Armada Berhad Initial Public Offering-IPO
.
.
The cornerstone investors such as Great Eastern, Hwang DBS,Hong Leong Group and Permodalan Nasional Berhad, and Prudential, were already allocated about 300 million shares
The joint global coordinators for Bumi Armada Berhad IPO are CIMB , Maybank and Credit Suisse, which are also joint bookrunners with RHB Capital , CLSA and UBS.
Please don’t missed out this Bumi Armada Berhad Initial Public Offering-IPO!