Investors go nuts for Olam

Singapore based commodity sourcing company secures a blow out IPO.

The institutional tranche of Singapore's largest IPO of the year thus far, closed on Friday with books covered sixteen times. The company yesterday launched the retail tranche of the sale.

The IPO sees the sale of 312 million new shares and 63 million existing shares, together making up 25% of the company. The deal was priced at the top of the range of S$0.55-S$0.62, raising S$232.5 million. CLSA and DBS are joint global coordinators of the deal, with Cazenove and Nomura as co-lead managers.

The company describes itself as a leading global supply chain manager of agricultural products and food ingredients. Essentially Olam buys 14 separate agricultural...

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