From the Borneo Post – Hibiscus Petroleum makes milestone debut on Main Market of Bursa


Dateline 2011-07-26:

KUCHING: Hibiscus Petroleum Bhd (Hibiscus Petroleum) made its debut on the Main Market of Bursa Malaysia yesterday, marking the first ever listing made by a special purpose acquisition company (SPAC) on the board.

The company, which launched its initial public offering (IPO) on June 30, opened at 54 sen per share, with total volume of shares traded upon opening amounting to over 1.7 million.

At pre-listing, the group raised a total of RM235 million from its IPO that saw an oversubcription by 3.8 times of its public portion of shares

Nevertheless, Hibiscus Petroleum’s public portion only represented three per cent of its IPO shares, where the bulk the IPO proceeds came from a placement of 265 million new shares to selected investors that raised a total of RM199 million.

The IPO price of Hibiscus Petroleum’s shares was at 75 sen per share.

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