| KUALA LUMPUR, Sept 19
KUALA LUMPUR, Sept 19 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
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
($1 = 3.2340 Malaysian ringgit)
(Reporting By Yantoultra Ngui; editing by Stephen Nisbet)