UMW Oil & Gas Corp Bhd, a Malaysian offshore and drilling services firm, set a tight IPO bookbuilding range of thanks to strong demand from cornerstone investors, a source with direct knowledge of the process told Reuters on Wednesday.
This values the IPO at up to RM2.36 billion (US$729.63 million), the largest in Malaysia so far this year. This IPO comes on top of the US$680 million flotation by Westports Holdings Bhd, operator of the country's busiest port.
The source, who was not authorised to speak to the media said IPO bookbuilding range was set at RM2.70-2.80 per share, coming a day before the firm officially launches its prospectus to investors on Thursday.
Sources had earlier told Reuters that up to 17 cornerstone investors have been recruited by UMW Oil & Gas, taking up 61 per cent of the total institutional tranche. That is nearly double that of the Felda Global - the largest Malaysian IPO last year.
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