Eco World International prices IPO at top

Strong domestic support for one of Malaysia's most famous property names at a time when foreign investors remain absent from the market.
Wardian development, London
Wardian development, London

As expected, a 2.153 billion share deal for Eco World International EWI priced at the very top end of its indicative range on Tuesday, raising M$2.58 billion $580.7 million. 

The deal received strong domestic support throughout its marketing period, with bankers reporting no price sensitivity in an order book that closed around nine times covered. 

As a result, the deal was priced at M$1.20 per share, representing a 15.4% discount to the syndicate's M$1.42 estimated net asset value per share.

Bankers reported 60 lines in the book with a final allocation split of roughly 90% domestic and 10% international. 

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