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Petronas Chemicals share price surges on Malaysia debut

November 26/2010

(ICIS) -- Petronas Chemicals Group (PCG) shares debuted strongly on the Malaysian stock exchange on Friday, with price jumping by as much as 10% from its initial public offering (IPO) price, underscoring the strong appetite for Asian big-capital stocks.


PCGs $4.1bn (?3.1bn) IPO was the biggest to come out of Malaysia and out of southeast Asia to date, beating the $3.3bn offering of telecommunications firm Maxis, according to media reports.


PCG set its IPO price to institutional investors, which took up 88% of its IPO of 2.48bn shares, at M$5.20/share, while retail offerings of 293m shares were priced at a 3% discount to the set price.


The trading debutante comprises the 22 petrochemical-related businesses of state oil and gas firm Petroliam Nasional Bhd (Petronas).


Its operations cover olefins, polymers, fertilizers, methanol and other basic chemical and derivative products. Based on volumes, the company is the biggest producer of methanol and ethylene glycols in southeast Asia, according to its website.


The companys IPO proceeds would be used for future expansion, which would include greenfield ammonia and urea projects off east Malaysia.


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