Malaysia Marine IPO closing today oversubscribed 15x

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Malaysia Marine & Heavy Engineering Holdings Bhd, the rig-building arm of MISC Bhd, received bids for more than 15 times the number of shares allocated for institutions in its initial public offer, three people familiar with the matter said.

The bids were at RM3.80 per share, which was at the top of its indicative price range, said the people who declined to be identified as they weren’t authorised to speak to the media.

The company, based in Kuala Lumpur, aims to raise as much as RM2.04 billion (US$658 million), according to its prospectus. – Bloomberg

The IPO for retail investors will be closed at 5.00pm today with an offer price of RM3.61, a 5% discount from institutional price.

Update: The target price could be up to RM4.54, OSK said in its research report today.

Update Oct 15: The IPO price for institution investors is fixed at RM3.80 per share. Retail investors will be remained at discounted price of RM3.61, same as stated in its prospectus and no change in its offer price. For those who already applied for the IPO, no refund for any price difference against RM3.61.