Westports Said Poised to Price IPO at Top End of Proposed Range
Westports Holdings Bhd., the main terminal operator at one of Malaysia’s biggest ports, is set to price its initial public offering at the top end of the proposed range, said four people with knowledge of the matter.
The bankers already got more than enough demand for the shares, said the people, who asked not to be named as the process is private. Given the reaction, the sale will close later today, instead of Oct. 1 as laid out in the listing prospectus, one of the people said.
Shareholders including billionaire Li Ka-Shing’s Hutchison Port Holdings are selling 813.2 million shares for 2.30 ringgit to 2.50 ringgit apiece, they said. At the top end, the sale will raise 2.03 billion ringgit ($630 million), making it Malaysia’s biggest this year, according to data compiled by Bloomberg.
Westports Executive Chairman G. Gnanalingam didn’t immediately respond to a request for comment outside regular business hours today.
Westports, with almost 4,000 employees, has a 69 percent share of container volume at Port Klang, with six terminals and the potential to build another three, according to its website. Led by Chief Executive Officer Ruben Emir Gnanalingam, it handled container throughput of 6.9 million 20-foot equivalent units last year, the company said.
Malayan Banking Bhd. (MAY), Goldman Sachs Group Inc. and Credit Suisse Group AG are among the banks managing the IPO.
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