"The Petronas unit has fixed the price for institutional and cornerstone investors at RM5.20, while retail investors will pay RM5.04
Petronas Chemicals Group Bhd has raised RM12.8 billion from its listing exercise, making the initial public offering (IPO) the biggest ever in Southeast Asia.
The petrochemicals subsidiary of Petroliam Nasional Bhd has fixed the price for institutional and cornerstone investors at RM5.20, while retail investors will pay RM5.04, or 3 per cent less than the institutional price.
The discount for the retail portion was small compared to other blue blooded firms that had raised more than RM2 billion each from their IPO here over the past 12 months.
Maxis Bhd gave retail investors a 5 per cent discount over its institutional price of RM5. Another Petronas outfit, recently-listed Malaysia Marine and Heavy Engineering Bhd, also gave 5 per cent off its institutional and cornerstone investors price of RM3.80.
In a statement, Petronas Chemicals said the institutional offering had attracted orders of about RM92.6 billion for a subscription rate of more than 21 times.
The retail offering of 293 million shares was oversubscribed by 2.5 times.
At the institutional level, the two cornerstone investors - the Employees Provident Fund and Kumpulan Wang Persaraan - had subscribed for 445 million shares representing 5.6 per cent of all Petronas Chemicals shares.
The IPO values Petronas Chemicals at RM38.8 billion or 16.3 times earnings estimate for 2011, a 38 per cent premium to the global industry median.
Mercury Securities head of research Edmund Tham said investors had a renewed appetite for risk, helped by the boisterous stock and property markets.
"Compared to last year, investors have grown more confident to take risk, and Petronas' good track record and leadership status are an added plus point," Tham said in a phone interview with Business Times yesterday.
He added that the IPO will help boost the local stocks' image among foreign funds, as they are often on the lookout for stocks with huge capitalisation.
Based on the IPO price, Petronas Chemicals is poised to be one of Malaysia's 10 largest publicly traded companies.
Petronas Chemicals said based on the institutional price, its market capitalisation will be RM41.6 billion.
The company will be included as a component of the FTSE Bursa Malaysia KLCI. Its maiden day on Bursa Malaysia's Main Market will be November 26.
Petronas Chemicals, formed through a combination of more than 20 companies, is offering 2.48 billion shares or equivalent to a 31 per cent stake.
Petronas will get RM9.2 billion from the IPO proceeds, while Petronas Chemicals itself will receive RM3.6 billion.
The company plans to use the bulk of the money to build facilities and fund acquisitions.
CIMB Group Holdings Bhd, Deutsche Bank AG and Morgan Stanley are the IPO managers, while Citigroup Inc and UBS AG are co-bookrunners for the share sale portion to institutional investors."
Sunday, November 14, 2010
IPO Petronas PetChem....
Cerita pasal saham pulak sikit...
Petronas baru baru ni (tahun ni lah...) dah masukkan MMHE ke dalam bursa saham KL. Tak lama lagi... Petronas Chemical pulak. Pet Chem complex ni pusat dia letaknya di Kertih sana. Memang besar dan dah lama dah beroperasi... Dan dah beri untung pun kat Petronas dan Negara Malaysia.
Untuk merancakkan lagi pasaran saham Malaysia, Pet Chem yg asalnya Sdn Bhd ni akan dijadikan Bhd ( tak lama lagi dah.....). Hampir seluruh khalayak warga kerja Petronas ni dapat pink form. Jadi, ambil lah peluang tu untuk menyimpan pegangan saham dalam syarikat dimana anda bekerja.
Strategi saya utk saham dapat pink form ni?? - saya ambil loan ; cukup 3 bulan nanti, bayar penuh loan tu. Exit strategy?? - ambil dividen yg diberi, dan exit market bila capai 100% return atau....lock the profit(selling portion) dan biarkan yg baki utk mengaut dividen. Wallahualam.
Ada orang tanya kenapa ambik loan, sedangkan boleh pakai duit sendiri. - jawapan saya...."mana 1 aku nak kejar ni....nak pindah rumah, renovate rumah, nak selesaikan hal jual beli tanah, dapat pink form...semua datang serentak...dan semua nak kena pakai duit". Nasib baik le hujung hujung 2009 dulu aku dah secure ODASB. Duit ni le aku buat rolling benda benda ni semua.... Kalau tak, pehhhhh banyak peluang baik yg terpaksa dilepaskan begitu saja....