Malaysian FPSO and offshore vessel owner Bumi Armada raises $888m from IPO
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Bumi Armada has raised $888m from its initial public offering on Bursa Malaysia. The Malaysian FPSO and offshore vessel owner said it had raised RM2.7bn ($888m) in total funds of which RM2bn was raised by the company. It said that total demand for the institutional offering was close to 50 times the book available. “I am delighted with the overwhelming response from all investors in Malaysia and abroad,” said Hassan Assad Basma, ceo of Bumi Armada. “Today's announcement marks an important milestone in the development of Bumi Armada and supports the Company's plans to focus on developing and growing its operations.”