Foreign investor interest in Westports intense

WESTPORTS Holdings' flotation, expected to raise RM2.12 billion (S$818 million) when it lists its shares later this month, will be Malaysia's largest initial public offering this year and marks rekindled interest in its capital market after a period of relative investor indifference towards emerging markets.

Foreign investor interest in the port operator was intense as international fund managers rushed to take advantage of the Federal Reserve's unexpected decision to continue its quantitative easing policy. So great was demand that the order books were closed ahead of schedule. Westports' shares were also priced at RM2.50 apiece, at the top of the indicative price range, according to a Reuters report yesterday.

Such enthusiasm bodes well for an even bigger listing this year - a RM2.4 billion IPO by UMW Oil & Gas Corporation - and is likely to give confidence to other firms contemplating a listing. Among them: a RM715 million IPO by Seven Convenience and a RM975 million flotation by property development firm Iskandar Waterfront, which will probably come early next year.