Malaysia’s Ranhill Energy and Resources raises $236 million from IPO

Malaysia’s Ranhill Energy and Resources has raised M$753 million $236 million from its initial public offering after fixing the price at the top of the indicated range.

Ranhill provides various engineering services to companies in the oil and gas sector, including refineries and petrochemical companies. It also operates two power plants and provides water supply services and wastewater treatment.

It is the second listing candidate in the past few days to price at the top and while the ability to do so depends on what valuation is implied by the range to begin with, it does indicate a greater level of investor confidence with market newcomers.