Felda raises $3.1 billion from Malaysian IPO

Felda Global Ventures, a Malaysian government-owned agricultural commodities company, has raised M$9.9 billion $3.1 billion after pricing its much-awaited initial public offering near the top end of the indicated price range.

The deal highlighted Malaysia’s growing presence in the Asian IPO market, which is generally helped by strong support from domestic investors. Elsewhere in Asia several high-profile deals have been either pulled or postponed in recent weeks due to tough market conditions, including Graff Diamonds’ $1 billion offering in Hong Kong which was called off the day before pricing.

Felda, which focuses primarily on crude palm oil, rubber and sugar, fixed the price at M$4.55 per share,...