Westports shares surge 8% on IPO day in Malaysia

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Westports1Shares of Malaysian port operator Westports Holdings rallied 8 per cent on their debut on October 18 at Bursa Malaysia,raising more than $700 million in the country’s largest initial public offering in 2013 so far.

Shares opened at 2.70 ringgit on the Kuala Lumpur exchange, up from their 2.50 ringgit offer price, and traded between 2.60 to 2.67 ringgit in the afternoon at a volume of about 1.6 million shares.

Westports is partly owned by Asia’s richest man, Hong Kong billionaire Li Ka-shing.

Southeast Asia’s third-largest economy saw a flurry of big listings in 2012, led by the $3 billion IPO of palm-oil giant Felda Global Ventures Holdings. Malaysia’s stock market was the world’s fifth-largest IPO market in 2012.

However, the market has been relatively quiet this year as caution reigned in the run-up to elections in May that were won by Malaysia’s long-ruling coalition.

In July, Malaysia-based airline AirAsia X listed on the Kuala Lumpur stock exchange after raising $308.6 million from an IPO. Offshore drilling services firm UMW Oil and Gas Corp. announced in early October  it planned to raise $535 million in a listing set for November 1.

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Reading Time: 1 minute

Shares of Malaysian port operator Westports Holdings rallied 8 per cent on their debut on October 18 at Bursa Malaysia,raising more than $700 million in the country’s largest initial public offering in 2013 so far.

Reading Time: 1 minute

Westports1Shares of Malaysian port operator Westports Holdings rallied 8 per cent on their debut on October 18 at Bursa Malaysia,raising more than $700 million in the country’s largest initial public offering in 2013 so far.

Shares opened at 2.70 ringgit on the Kuala Lumpur exchange, up from their 2.50 ringgit offer price, and traded between 2.60 to 2.67 ringgit in the afternoon at a volume of about 1.6 million shares.

Westports is partly owned by Asia’s richest man, Hong Kong billionaire Li Ka-shing.

Southeast Asia’s third-largest economy saw a flurry of big listings in 2012, led by the $3 billion IPO of palm-oil giant Felda Global Ventures Holdings. Malaysia’s stock market was the world’s fifth-largest IPO market in 2012.

However, the market has been relatively quiet this year as caution reigned in the run-up to elections in May that were won by Malaysia’s long-ruling coalition.

In July, Malaysia-based airline AirAsia X listed on the Kuala Lumpur stock exchange after raising $308.6 million from an IPO. Offshore drilling services firm UMW Oil and Gas Corp. announced in early October  it planned to raise $535 million in a listing set for November 1.

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