Singapore IPO

Bumitama Agri's Singapore IPO attracts strong order flow

The Indonesian crude palm oil producer is seeking to raise up to $176 million, with more than 40% of the shares set aside for cornerstone investors.
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Harvesting of palm oil fruits at a plantation in Indonesia (AFP) </div>
<div style="text-align: left;"> Harvesting of palm oil fruits at a plantation in Indonesia (AFP) </div>

Investors are said to be flocking to Bumitama Agri’s initial public offering in Singapore the first new listing of size in the Lion City this year.

The Indonesia-based producer of palm crude oil and palm kernel is aiming to raise between S$200.9 million and S$221.6 million $159 million to $176 million and even before it launched the bookbuilding on Monday it had allocated 42% of the shares on offer to six cornerstone investors. It was not too surprising therefore that joint bookrunners DBS and HSBC were able to go out with a “books covered” message at the end of the first day.

However, sources say that the...

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