Malaysian poultry firm Leong Hup launches up to $290 mln IPO

It is targeting listing on the Kuala Lumpur stock exchange on May 16.
Facebook/Leong Hup Food Pte Ltd

Malaysia-based poultry producer Leong Hup International launched on Thursday its long-awaited initial public offering that aims to raise as much as 1.2 billion ringgit (US$290.31 million), breaking a dry spell in the country’s primary market.

The company said at a briefing it was confident of pricing the IPO at the top end of an indicative price range of 1.09-1.10 ringgit per share based on demand received.

The IPO size includes the overallotment option, and Leong Hup said a chunk of the proceeds will go into capital expenditure to facilitate growth expected in its regional operations.

Leong Hup, one of the largest fully integrated producers of poultry, eggs and livestock feed in Southeast Asia, also operates in Indonesia, Vietnam, Philippines and Singapore.

It is targeting listing on the Kuala Lumpur stock exchange on May 16.