Malaysia's Westports institutional offer oversubscribed -sources

KUALA LUMPUR, Sept 19 Thu Sep 19, 2013 9:35am EDT

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KUALA LUMPUR, Sept 19 (Reuters) - The institutional offer of Malaysia's Westports Holdings Bhd's $688 million initial share sale has been oversubscribed more than 10 times, according to two people with direct knowledge of the deal.

The bookbuild institutional tranche, which makes up 14 percent of the offering, has been mostly subscribed at the higher end of the bookbuilding range between 2.30 and 2.50 ringgit per share the first day it was launched, the people said.

At 2.50 ringgit per share, Westports, the operator of Malaysia's busiest port, will have a market value of 8.53 billion ringgit ($2.64 billion) when it lists, making it the country's biggest listing so far this year.

The final pricing is expected to be fixed on Oct. 1, with listing on the local bourse scheduled on Oct. 18, according to a term sheet seen by Reuters on Thursday.

Westports, which manages the world's 12 busiest port and counts state investor Khazanah Nasional Bhd and Hong Kong's Hutchison Port Holdings as shareholders, could not be reached for comment.

Credit Suisse, Goldman Sachs and Maybank Investment Bank are joint global co-ordinators, while Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB Investment Bank are joint bookrunners.

($1 = 3.2340 Malaysian ringgit) (Reporting By Yantoultra Ngui; editing by Stephen Nisbet)

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