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Petronas Chemicals IPO to raise US$4b

October 13/2010

SINGAPORE (Business Times) -- Petronas Chemicals Group is looking to raise as much as US$4 billion in a Malaysian initial public offering, exceeding earlier estimates of over US$2 billion as it hopes to tap strong global investor demand for Asian stocks.


Petronas Chemicals, which manufactures olefins and polyolefins, fertilisers, industrial and specialty chemicals, will have started "pre-marketing" its IPO yesterday with formal investor roadshows slated to begin on October 27.


The deal is expected to be priced on November 12, according to an e-mail sent to investors by one of the advisers.


Petronas Chemicals has an annual production capacity of more than 10 million tonnes. It posted operating profit of US$2.3 billion in fiscal 2009, according to its prospectus.


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