KUALA LUMPUR, Sept 30 Westports Holdings Bhd,
the operator of Malaysia's busiest port, has raised about 2.03
billion ringgit ($628.77 million)in its IPO, pricing it at the
top of expectations, two sources with direct knowledge of the
deal said on Monday.
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
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 said the
sources, who were not authorised to speak publicly on the
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
Westports, which counts state investor Khazanah Nasional Bhd
and Li's Hutchison Port Holdings as shareholders,
could not be reached for comment.
Credit Suisse, Goldman Sachs and Maybank
were joint global co-ordinators. Bank of America
Merrill Lynch, Credit Suisse, Goldman Sachs, HSBC and RHB
are joint bookrunners.
The offering accounts for 23.8 percent of its total share
($1 = 3.2285 Malaysian ringgits)
(Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage and