Wilmar’s China IPO rides on its cooking oil power

Its namesake cooking oil with a Golden Dragon Fish logo has been a staple of Chinese kitchens for decades and fueled demand 3,499 times the amount of shares offered to retail investors online

SINGAPORE: Kuok Khoon Hong pulled off a remarkable second act. The billionaire sold shares of his China business in the biggest ever initial public offering (IPO) on the Shenzhen Stock Exchange, thanks to the most popular cooking oil brand in the country.

Kuok’s Yihai Kerry Arawana Holdings Co almost doubled when the stock debuted on the ChiNext board yesterday after its IPO raised 13.9 billion yuan (US$2bil).