Westports shares surge 8% on IPO day in Malaysia

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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