Westports shares trade at top of expectations

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westports1Westports Holdings Bhd, the operator of Malaysia’s busiest port, has raised about $628.77 million in its stock listing on September 30, pricing it at the top of expectations.

The IPO for Westports is likely to be the country’s second largest this year behind UMW Oil & Gas Corporation Bhd, an offshore and drilling services firm, which is looking to raise $740 million.

Westports, which is partially owned by Hong Kong billionaire Li Ka-shing, priced the offering at 2.50 ringgit per share versus an indicative price range of 2.30-2.50 ringgit, Reuters reported. The offering accounts for 23.8 percent of its total share base

All proceeds from the offering will go to existing shareholders and not to the company which has said it is listing to raise awareness of its brand. The company leaned heavily on cornerstone investors, ranging from Utilico Emerging Markets to Genesis Investment Management, who accounted for close to 48 percent of the total institutional tranche.

Credit Suisse, Goldman Sachs and Maybank were joint global coordinators. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB are joint bookrunners.

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Reading Time: 1 minute

Westports Holdings Bhd, the operator of Malaysia’s busiest port, has raised about $628.77 million in its stock listing on September 30, pricing it at the top of expectations.

Reading Time: 1 minute

westports1Westports Holdings Bhd, the operator of Malaysia’s busiest port, has raised about $628.77 million in its stock listing on September 30, pricing it at the top of expectations.

The IPO for Westports is likely to be the country’s second largest this year behind UMW Oil & Gas Corporation Bhd, an offshore and drilling services firm, which is looking to raise $740 million.

Westports, which is partially owned by Hong Kong billionaire Li Ka-shing, priced the offering at 2.50 ringgit per share versus an indicative price range of 2.30-2.50 ringgit, Reuters reported. The offering accounts for 23.8 percent of its total share base

All proceeds from the offering will go to existing shareholders and not to the company which has said it is listing to raise awareness of its brand. The company leaned heavily on cornerstone investors, ranging from Utilico Emerging Markets to Genesis Investment Management, who accounted for close to 48 percent of the total institutional tranche.

Credit Suisse, Goldman Sachs and Maybank were joint global coordinators. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB are joint bookrunners.

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