Singapore IPO

Bumitama Agri's Singapore IPO attracts strong order flow

The Indonesian crude palm oil producer is seeking to raise up to $176 million, with more than 40% of the shares set aside for cornerstone investors.
<div style="text-align: left;">
Harvesting of palm oil fruits at a plantation in Indonesia (AFP) </div>
<div style="text-align: left;"> Harvesting of palm oil fruits at a plantation in Indonesia (AFP) </div>

Investors are said to be flocking to Bumitama Agri’s initial public offering in Singapore the first new listing of size in the Lion City this year.

The Indonesia-based producer of palm crude oil and palm kernel is aiming to raise between S$200.9 million and S$221.6 million $159 million to $176 million and even before it launched the bookbuilding on Monday it had allocated 42% of the shares on offer to six cornerstone investors. It was not too surprising therefore that joint bookrunners DBS and HSBC were able to go out with a “books covered” message at the end of the first day.

However, sources say that the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222