Shares of Petronas Chemicals Group Bhd closed at RM5.31 on the stock's debut as South-East Asia's largest initial public offer (IPO) on the Main Market yesterday, 11 sen higher than its IPO price of RM5.20 per share.
It was the most active on the stock exchange yesterday with a total of 637 million shares changing hands, pushing the trading value of Bursa Malaysia to RM4.73bil, the highest this year after reaching RM2.35bil on Nov 12.
Based on its closing price, Petronas Chemicals' market capitalisation is now RM42.48bil.
The counter opened at RM5.71, registering a premium of 51 sen per share.
The group is Petroliam Nasional Bhd's (Petronas) second wholly-owned unit to be listed this year, following last month's listing of heavy engineering unit Malaysia Marine and Heavy Engineering Holdings Bhd.
Petronas Chemicals will be included as a constituent of the FBM KLCI on Monday.
Speaking at a press conference after the listing yesterday, non-executive director Datuk George Ratilal said the group was very satisfied with the opening price.
It is an excellent price, opening almost 10% above the IPO price, he said, adding that the group expected to raise RM12.8bil from the listing and part of the proceeds would be used for working capital and capital expansion.
Asked if there would be more capital raising from the group, non-independent non-executive chairman Datuk Wan Zulkiflee Wan Ariffin said there was currently no plan to do that.
Our balance sheet is still very strong and more than adequate for our business strategies in the next few years, he said.
Going forward, he said, the group was very bullish and excited with the business as the industry was heading into an up-cycle phase.
We will increase utilisation of our plants going forward and will look for new opportunities. Having said this, we are targeting to reach more than 90% utilisation for the plants in 2011 from the current 80%, he said.
