Initial Public Offering


petronas

It was speculated earlier that Petronas Carigali to listed in Bursa Malaysia when Prime Minister announced to reduce state ownership in the private sector early this year. However, it did not materialize after Petroliam Nasional Bhd (Petronas) listed Malaysia Marine and Heavy Engineering Holdings Bhd (MHE) and Petronas Chemicals Groups (PCG).

Now, the speculation come to surface again as a few of stock research companies such as MIDF Research and OSK Research release reports of possible IPO for Petronas Carigali.

Petronas Carigali Sdn Bhd is the exploration unit of Petronas, may be listed on Bursa Malaysia in 2011 and it is expected to attract a large number of foreign funds.

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petronas

Petronas Chemicals Group (PCG) has received orders for about 21 times the shares available in its RM12.8 billion initial public offering (IPO) for institutional offering. The retail offering of 293 million shares was oversubscribed by 2.5 times.

Shares were priced at RM5.20 each for institutions while individual investors get 3 percent discount at RM5.05. Demand for the shares exceededing the supply, with the institutional offering attracting orders for about RM92.6 billion worth of shares. The IPO values Petronas Chemicals at RM38.8 billion, or 16.3 times profit, a 38 percent premium to the industry median.

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petronas

Petronas Chemicals Group Berhad (PCGB) is looking to raise as much as US$4 billion (RM12 billion) in its initial public offering (IPO) in Bursa Malaysia. This is exceeding the earlier estimates of over US$2 billion (RM6 billion) as it hopes to tap strong global investor demand for Asian stocks.

Last month, Petronas filed a draft prospectus for an IPO of its petrochemical business.

Petronas Chemical Group’s IPO is one of two offerings to be launched by government-run Petronas in response to Prime Minister Najib Razak’s call to reduce state ownership in the private sector and boost liquidity in the stock market when unveiling NEM early this year.

PCGB which owned by state oil giant Petroliam Nasional Bhd (Petronas), could become the largest share offering in the country, exceeding Maxis’ US$3.3 billion (RM10 billion) listing last year.

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Petroliam Nasional Berhad

Petronas Chemical Group’s IPO is one of two offerings to be launched by government-run Petronas in response to Prime Minister Najib Razak’s call to reduce state ownership in the private sector and boost liquidity in the stock market when unveiling NEM early this year.

Petronas has filed a draft prospectus for an initial public offering (“IPO”) of its entire petrochemicals business. The new entity, Petronas Chemical Group Berhad (“PCGB”) is formed  by merging of 22 Petronas wholly owned or majority owned subsidiaries. PCGB has total assets of about RM27 billion as of March 2010.

Petronas Chemical Group’s IPO will be the country’s second largest IPO after Maxis Communication Berhad. PCGB is expected to be listed next month

The draft prospectus on the Securities Commission website did not state how much PCGB is seeking to raise but banking sources have put the value of the firm at over $2 billion (RM 6.2 billion).

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