Ranhill retail investors to get partial refund

Kuala Lumpur

RETAIL subscribers to Ranhill Holdings Bhd's initial public offering (IPO) will be returned nearly a third of the subscription price after a book-building exercise lowered the institutional price to RM1.20 (S$0.40) a share from the RM1.70 paid upon application under the retail offering.

Corporate observers said the valuation anomaly is likely one-off and not reflective of underlying market sentiment, but they also believe Ranhill's promoters were too optimistic about pricing and demand, given the company's history.