Bumi Armada Berhad hopes to raise US$700 million to US$800 million from its IPO exercise. Its executive director and chief executive officer, Hassan Basma said “We are considering a couple of that range IPOs in the near future, but again provided if we can do it well”.

IPO offer price range estimate

Based on the size of fund to be raised between US$700m to US$800m, which is lower than the market talks of US$1 billion, its target offer price would be around RM2.40 to RM2.70 per share. 

When the IPO listing will take place?

Bumi Armada chairman Datuk Mahamad Fathil Datuk Mahmood said that the company was still waiting for approval from the Securities Commission.

“We hope to get the approval by the middle of this month (June 2011)…start producing prospectus by the end of the month if everything is in order,” he said, adding that it would be the biggest local IPO for the year.

Source: Business Times

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