SINGAPORE, March 26 (Reuters) - Indonesian palm oil firm, Bumitama Agri Ltd, filed for an initial public offering in Singapore, in a listing expected to raise as much as S$222 million ($175.8 million), a source said.
The source with knowledge of the deal said on Monday that Bumitama would raise more than an initially expected $160 million due to improved company valuations and strong demand for its shares.
Over the past few weeks, a number of companies have proposed IPOs in Singapore, taking advantage of a market revival. Bumitama had postponed its planned IPO in June, citing uncertainty in markets.
Bumitama's shares will be priced between S$0.675 and S$0.745, and trading is expected to start in the week of April 9, said the source who declined to be identified because the pricing details had not been made public.
HSBC and DBS are the joint bookrunners for the IPO, according to the prospectus filed on Monday.
The company is offering 297.6 million shares, comprising 273.3 million new shares and existing shares. There is an over-allotment option of 29.7 million shares.
Cornerstone investors, including UOB Asset Management Ltd, Value Partners Hong Kong Ltd and Wii Pte Ltd, a subsidiary of Singapore-listed palm oil firm Wilmar International Ltd , will subscribe for about 124.8 million new shares.
Bumitama owns oil palm plantations and processes the fresh palm fruit into crude palm oil and palm kernel for sale in Indonesia. ($1 = 1.2626 Singapore dollars) (Reporting By Mark Tay; Editing by Anshuman Daga)