UMW Oil & Gas Corp. began investor education for its initial public offering, with trading scheduled to start Kuala Lumpur’s stock exchange on November 1.
The IPO, probably Malaysia’s biggest of the year, could raise up to 2.36 billion ringgit ($746 million) with 843.2 million shares offered for up to 2.80 ringgit each, according to Bloomberg.
The company is a unit of UMW Holdings Bhd.
It provides offshore drilling and workover services, threading, coating, and pipeline repair and inspection.
About half of the IPO proceeds will go to the company to buy and maintain equipment and repay debt owed to its parent company.
The bankers jointly coordinating the IPO are Malayan Banking Bhd., CIMB Group Holdings Bhd., Credit Suisse Group AG and Goldman Sachs Group Inc.
