Most powerful IPO this year

Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar (left) and Malakoff chairman Tan Sri Syed Anwar Jamalullail at the prospectus launch recently.

FOR an initial public offering (IPO) that looked like a tough sell early on, the appetite for Malakoff Corp Bhd’s issue has grown significantly strong.

At last check, sources close to the deal say the offer has been over-subscribed by a whopping 10 times. And while the perception has been that foreign investors are staying away from the deal considering some negative perception on Malaysia such as the weak ringgit, the tide seems to have changed.