Bumi Armada, a Malaysian oil and gas services company, has started bookbuilding for what looks set to become the country’s biggest initial public offering since Petronas Chemicals raised $4.15 billion in November last year. It will also be the second-biggest listing in Southeast Asia this year after the Singapore IPO of Hutchison Port Holdings Trust, which raised $5.45 billion.
The company and its existing shareholders are seeking to raise between M$2.46 billion and M$2.77 billion $802 million to $903 million from the sale of a 30% stake, ignoring a challenging market environment that, according to Dealogic, has forced the withdrawal of 19 IPOs in Hong Kong, Europe and the...
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