Investors and analysts were generally bullish on Petronas Chemicals Group Bhd’s (PCG) listing on Bursa Malaysia tomorrow, saying Southeast Asia’s largest initial public offering (IPO) to date will hold its ground although tension in the Korean peninsula continues to threaten sentiment.
Apart from the chemical company’s strong financial fundamentals, analysts say it enjoys strong leverage from its parent company, the national oil corporation, Petroliam Nasional Bhd (Petronas).
Investment houses giving early target or fair prices for PCG. Most of them generally targeted higher than IPO subscription prices. For comparison the IPO price is RM5.04 for individual and RM5.20 for institutional investors