Felda launches Malaysian IPO of up to $3.2 billion

Felda Global Ventures yesterday kicked off the bookbuilding for one of the most awaited initial public offerings in Asia this year especially since other deals are falling by the wayside amid a continuing decline in global financial markets. The Malaysian government-owned agricultural commodities company is seeking to raise between M$8.76 billion and M$10.18 billion $2.78 billion to $3.2 billion, which could make it the second-biggest IPO in the world this year after Facebook’s $16 billion offering, according to Bloomberg data.

The company, which has a key focus on crude palm oil, rubber and sugar, lodged its prospectus with the Malaysian stock exchange yesterday morning, just hours after Graff Diamonds...