Sunway Construction raises US$145m in IPO

[KUALA LUMPUR] Sunway Construction Group Bhd raised 550 million ringgit (US$145 million) in Malaysia's second-largest IPO of the year after final pricing came in at the top of its indicative range.

The construction arm of conglomerate Sunway Bhd said in a statement it had fixed the institutional and retail IPO price at 1.20 ringgit per share.

The offering had been marketed in a range of 1.15 ringgit to 1.20 ringgit per share, according to Thomson Reuters publication IFR.

Maybank Investment Bank and RHB Investment Bank were global coordinators of the IPO. The two banks and HSBC were joint bookrunners.

The offering follows a 2.74 billion ringgit IPO in May by Malakoff Corporation Bhd, the country's largest independent power producer.

REUTERS