Bumi Armada Berhad may set the price range from RM2.80 to RM3.15 per share for its proposed IPO next month, Reuters reported after seeing Bumi Armada IPO’s term sheet.

The oil and gas service provider IPO is said to be raising as much as as US$906 million. It is said that it has locked in seven cornerstone investors, including Malaysia state investment fund Permodalan Nasional Berhad and Prudential Fund Management, who committed to invest about US$309 million worth of shares. 

Bumi Armada IPO will be seeking listing on the Main Market of Bursa Malaysia, despite there are concerns about the European debt crisis and a series of IPOs in Hong Kong have been cancelled, postponed or priced at the low end of their guidance range.

Italian fashion house Prada SpA said on Thursday it priced its Hong Kong initial public offering at HK$39.50 ($6.28) apiece, confirming a Reuters report last week that it would price shares at the lower end range. The guidance price range was between HK$39.50 and HK$42.25 a share.

Shares of Prada SpA were nearly flat in their Hong Kong stock market debut last Friday, amid lukewarm investor interest for the city’s most glamorous IPO of the year.

Source: Business Times