ICON Offshore, Boustead plant IPO flags

Malaysia's two largest IPOs of the year are set to hit the market together.

Offshore supply vessel operator ICON Offshore has begun investor education for a M$944.9 million $295 million initial public offering of shares just as the plantation arm of Boustead Holdings wraps up pre-marketing for a M$1.1 billion $324 million deal.

Both Malaysian flotations hope to catch a positive tail wind from last week's successful completion of a M$732 million $227 million IPO for the Malaysian 7-Eleven franchise. Like 7-Eleven Malaysia, the two new deals are both heavily skewed towards the domestic market, with little paper on offer for foreign institutions. Both deals will price mid-June and should list by the end of the month.

ICON Offshore, Malaysia’s...

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