Gas Malaysia Bhd made its debut on Bursa Malaysia’s Main Board at RM2.47, a 27 sen premium from the RM2.20 offer price, with 13.79 million shares transacted.

Gas Malaysia is the country’s sole natural gas supplier to the non-power sector.

Under the initial public offering (IPO), 25.68 million shares were offered to the public, which were oversubscribed by 21.64 times.

Gas Malaysia chairperson Hamzah Bakar said the IPO received overwhelming support from investors, raising RM734.4 million, making it one of the largest IPOs in Malaysia so far this year.

“The investors’ resounding support is testimony to our strength and it reflects the confidence the investors have in our business and growth potential.

“The investors must have also taken note that we are confident enough to commit to a 100 percent after-tax profit dividend payout ratio for this financial year and not less than 75 percent for subsequent years,” he told reporters after the listing.

Gas Malaysia’s IPO entails 303.32 million institutional offer shares which were fully subscribed by institutional investors.

A total of RM734.45 million was raised from the share sale and 30.53 million offer shares at RM2.20 a share to Malaysian and Singaporean institutional investors and retail investors.

The retail offering was oversubscribed by 21.6 times.

- Bernama