Malaysia's Felda soars 19 percent in world's 2nd largest IPO
Malaysia's Felda Global Ventures made a sterling trading debut on the Malaysian bourse today.
Its shares jumped as much as 19 percent, defying global economic doldrums with the world's second-largest IPO this year after Facebook.
Shares of the palm oil company opened at RM5.39 on the Bursa Malaysia.
But within a few minutes of trading starting, the stock was up 19 percent at RM5.43 a share.
That's well above the institutional price of RM4.55 in the US$3 billion share sale.
A string of Asian IPOs have been delayed or scrapped in recent weeks as investor worry about Europe's debt crisis and China's slowing economy, as well as Facebook's botched
listing in May.
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