Westports Holdings Bhd, the operator of Malaysia's busiest port, has raised about RM2bn from its IPO, pricing it at the top of expectations, two sources with direct knowledge of the deal said on Monday.
- The IPO for Westports is likely to be the country's second largest this year behind UMW Oil & Gas Corporation Bhd, an offshore and drilling services firm, which is looking to raise US$740m. .Westports, which is partially owned by Hong Kong billionaire Li Ka-shing, priced the offering at RM2.50/share versus an indicative price range of RM2.30-2.50 said the sources, who were not authorised to speak publicly on the matter.
- All proceeds from the offering will go to existing shareholders and not to the company which has said it is listing to raise awareness of its brand. The company leaned heavily on cornerstone investors, ranging from Utilico Emerging Markets to Genesis Investment Management, who accounted for close to 48% of the total institutional tranche. (Starbiz)