Demand for Astro streaks into orbit

Heavy oversubscription for the company''s IPO, highlights the return of an Asian bull market.

A $532 million IPO for Malaysian satellite operator Astro was completed on Saturday after building up an order book that seemed in danger of running away with itself. Under the lead management of CIMB, DBS, Goldman Sachs and UBS, the company attracted demand of just over $8 billion for its 505.8 million share offering. And while many accounts undoubtedly inflated orders to try and ensure a decent allocation, the final tally still represents a staggering 29 days trading volume on the Malaysian Stock Exchange and 11.5% of market capitalization.

A foreign institutional tranche of 325 million shares closed 15.9 times covered after amassing an order book of $5.5 billion. Global...

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