Bumi Armada Bhd, the largest IPO of the year was oversubscribed by almost 25 times.
Phew, 25 times, a lot of money there, can take-over a few company in KLSE.
Chances to be drawn are slim but with billionaire T. Ananda Krishnan as the captain of the company it is worth to try.
Good luck to whoever subscribed.....but I am not one of them, will miss the fun of waiting.
25 oversubscribed refers to the 500+million shares to institutions. It is very small.
ReplyDeleteEnd of day, existing shareholders still have 78% of the company, institutional 18+% and public 3+%, post IPO shareholdings.
Post IPO shareholdings of 2,928billion shares @ 20sen par value, RM3.15 puts the initial mkt value at RM9billion, multiple 20x 2011 earnings.
With 2 unannounced FPSO contracts values, there will be more upside, since each FPSO contract will push market cap up by RM1billion.
There will be more to come and I would say to you all, surprise, surprise.