Boustead prices plantation spin-off at top

The institutional book for the Malaysian group's palm oil arm was oversubscribed by 12.4 times, and follows the successful floation of vessel operator ICON Offshore.

Boustead Holdings Berhard has completed the spinoff of its plantation assets, raising M$928 million US$288.7 million in an initial public offering after pricing the shares at the top end of the range.

The IPO follows the successful flotation of ICON Offshore Berhard yesterday and is now Malaysia’s second largest to date.

Both institutional and retail shares priced at M$1.60 a unit, the top end of the initial M$1.50 to M$1.60 range with strong demand. The institutional book was oversubscribed by 12.4 times, and primarily consisted of Malaysian long-only institutional investors, similar to the other local listings this year ICON Offshore and 7-Eleven Malaysia.

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