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Eversendai Corporation Berhad IPO

16th June, 2011

in Initial Public Offering

Eversendai

Eversendai Corporation Bhd, a leading steel contractor and fabricator, is schedule to be listed in Main Market on 1st July 2011.

The Initial Public Offering (IPO) consists of 232.2 million ordinary shares at an IPO price of RM1.70 per share at RM0.50 par value. However, the final retail price will be equal to the 95% of the institutional price.

Out of 232.2 million shares, 202.0 million shares are offered to Malaysian and foreign institutional and selected investors and a retail offering of 30.2 million shares to the Malaysian public and employees of Eversendai Corporation Berhad.

Eversendai Corporation Berhad is an integrated steel contractor which has engineering, structural design, fabrication and erection capabilities and carved a niche in the business both locally and abroad..

It has completed over 100 projects including Dubai’s landmark hotel, Burj Al Arab, BurjKhalifa, The Dubai Mall, Dubai Airport Control Tower, Singapore Indoor Stadium, the Philippines’ Mabalacat and Bamban Bridges, and Saudi Aramco in Riyadh.

More information regarding the company can be found in Eversendai Corporation webpage.

For the time being, Eversendai Corporation, does not have any fixed dividend policy.

The table below is financial summary for Eversendai Corporation Bhd.

FYE 2008 FYE 2009 FYE 2010
Revenue (RM’000) 783,262 817,061 744,926
Profit after Tax (RM’000) 59,413 77,985 116,727
Earnings per Share (sen) 7.68 10.08 15.08
Price Earnings Ratio (x) 22.15 16.87 11.27

Maybank is sole adviser, underwriter and bookrunner for the IPO.

For those who are interested in Eversendai Corporation IPO, you may subscribed at ATM machines or via Internet Banking. The subscription period is opened until 21st June 2011 at 5pm. Tentative balloting date is on 23rd June while allotment date is on 29th June 2011.

Eversendai Corporation Berhad stock name in Bursa Malaysia is “SENDAI”.

View Eversendai Corporation prospectus in Bursa Malaysia webpage.

What do you think about Eversendai Corporation IPO? Are you going to subscribe?

{ 10 comments… read them below or add one }

SK June 15, 2011 at 9:26 pm

Not so confident on this one. What do you think?

Reply

share share June 15, 2011 at 11:45 pm

not confident..

Reply

Newbie Investor June 16, 2011 at 4:54 am

Worth trying. Hopefully this company would be as good as CSCSTEEL in term of income

Reply

Master Trader June 16, 2011 at 5:07 pm

The Vendor, Dato’ AK Nathan is selling 30% of his existing shareholdings in Eversendai and expected to pocket about RM130 million from it. No new shares will be issued.

Eversendai has heavy exposure in the UAE.

The initial of “AK” has nothing to do with Ananda Krishnan of Tanjung PLC.

I expect the stock will have similar performance like UOA Development Berhad and JCY International – Drop below the IPO final price on the 1st day. You may try your luck and get burned.

Reply

1-million-dollar-blog June 17, 2011 at 1:35 am

Fair Value / Targer Price of Eversendai

Alliance – RM1.98
ECMLibra – RM2.36
OSK – RM2.21
TA – RM2.46

Reply

Savvy8082 June 20, 2011 at 8:13 am

Worth trying. Fundamental is strong. Line of sight on future projects seems promising. But, how volatile the price tend to sustain highly depends on the fluctuation on the foreign projects. RM1.55B will be the optimistic performance for Eversendai.

Reply

kingjoke June 20, 2011 at 8:55 pm

not so confident. fate could be similar to uoa…

Reply

omar June 23, 2011 at 5:42 pm

UOA 0.05 sen offer prise RM2.52 now RM 2.36 sen.
eversendai RM 0.50 sen offer prise RM1.70 listing RM2.xx.
WCT now RM 3.xx

Reply

Apply via Internet July 4, 2011 at 9:56 am

Eversendai is drop dead, now RM1.66.

Reply

Adik July 6, 2011 at 4:57 pm

using Maybank atm fees is RM 1.00 only. Do remember to press e-share application not share application.

Reply

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