Shares in palm oil firm Felda Global Ventures Holding (FGVH) surged 20 per cent in their trading debut today, as investors cheered on the world's second largest IPO after Facebook's rocky initial public offering.
The strong debut beat market expectations of a first day pop of 10 per cent and brushed aside, for now, a widely flagged 36 per cent drop in FGVH's first quarter profit to RM223.2 million that had initially unnerved some investors.
Felda raised US$3.1 billion (RM9,3 billion) in Asia's biggest initial public offering this year — a sharp contrast to Facebook's botched debut and running against the prevailing global gloom in IPO markets.
Within the first 30 minutes of its debut, Felda Global shares were trading as high as RM5.46, a 91 sen or 20 per cent premium to the IPO reference price of RM4.55. The local bourse fell 0.1 per cent.
"The successful listing of Felda today signifies the endurance of our local stock exchange and proves the IPO market in Malaysia is powerful," said Datuk Ahmad Maslan, the deputy minister in charge of Felda, FGVH's parent.
Sent by DiGi from my BlackBerry® Smartphone
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