Steelmaker completes Malaysia's largest IPO this year

Perwaja Holdings, a spin-off from Kuala Lumpur-listed Kinsteel, raises $111 million.

Upstream steelmaker Perwaja Holdings has raised M$367 million $111 million from MalaysiaÆs largest initial public offering so far this year. However, two-thirds of the shares were offered to existing shareholders of its controlling shareholder, Kuala Lumpur-listed Kinsteel, at a discounted price and 14.9% went to employees and retail investors, leaving only 17.4% for the private placement to institutional investors.

A source close to the company says the somewhat unusual offering structure û especially with regard to the split price û...

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