Japfa draws strong retail uptake in Singapore IPO

Retail investors showed a healthy appetite for the Indonesian meat processor and dairy operator in what's been a mixed few weeks in Singapore's IPO markets.
Japfa is Indonesia's leading premium milk producer
Japfa is Indonesia's leading premium milk producer

Japfa, the Indonesian meat processor and dairy farm operator, attracted solid demand from retail investors during its Singapore initial public offering on Thursday.

Despite being offered just 6.8% of the deal, retail investors placed orders for almost 10 times as many shares applications totalled 163.5 million shares, according to a source close to the deal, for the 16.8 million shares included in the retail tranche.

It was clear from the start of pre-marketing that investors were keen on Japfa, which is Indonesia’s second-biggest agricultural company after Charoen Pokphand Indonesia. Books were covered several hours after the bookbuild started on July 29, with the final book a mix...

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