(Reuters) – Malaysian energy and water company Ranhill Energy and Resources Bhd on Thursday launched the bookbuilding of its up to $240 million initial public offering in Malaysia, seeking to raise funds to repay debt and for working capital, according to a term sheet of the deal seen by Reuters.
The company and its shareholders are offering 328.72 million shares to institutional investors in an indicative price range of 1.70 ringgit to 1.85 ringgit per share, valuing the company at a forward price-to-earnings ratio of 8.8 times to 9.6. About 78.28 million shares are allocated for the retail portion.
The deal is slated to be priced on July 15, with its debut set for July 31.