Bumi Armada IPO oversubscribed 9.5 times
Published: 2011/07/11
KUALA LUMPUR: Bumi Armada Bhd's initial public offering (IPO) has been oversubscribed by 9.5 times.
The oil and gas services provider, en route to a listing on the Main Market of Bursa Malaysia on July 21, 2011, said it received 57,941 applications for 614.632 million shares for its public tranche of 58.569 million shares.
In a statement today, it said the retail, institutional, cornerstone and Ministry of International Trade and Industry (MITI) tranches of the IPO were priced at RM3.03 per share.
The market capitalisation of the company at RM3.03 per share would be approximately RM8.9 billion, it added.
The IPO comprised 878.538 million ordinary shares or 30 per cent of Bumi Armada, of which 22 per cent were primary shares offered by the company and eight per cent were secondary shares offered by certain existing shareholders.
The total amount of funds raised through the IPO was RM2.7 billion, of which RM2 billion was raised by the company.
The IPO is the largest public offering in Malaysia and the second largest in South East Asia, thus far this year.
The company also secured cornerstone investors for its institutional offering, namely Great Eastern Life Assurance (Malaysia) Bhd, Permodalan Nasional Bhd, HwangDBS Investment Management Bhd, Prudential Fund Management Bhd, Hong Leong Assurance Bhd, Guoline Capital Ltd and Asia Fountain Investment
Company Ltd which had agreed to purchase an aggregate of 300 million shares, representing approximately 10.2 per cent of the company. - Bernama