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Malaysia Marine & Heavy Engineering Holdings Bhd. received demand for at least five times the stock on offer in its $660 million initial public offering, according to two people with direct knowledge of the matter. Institutions have ordered the shares at the top end of the price range, the people said, declining to be identified as the information is confidential. The company is selling shares at between 3.60 ringgit and 3.80 ringgit.
The company, the marine heavy engineering arm of Malaysia's state-linked MISC Bhd., aims to raise as much as 2.04 billion ringgit ($660 million), according to its share-sale document.
JPMorgan Chase & Co., Maybank Investment Bank Bhd. and Credit Suisse Group AG are managing the share sale.
The company intends to use some of the proceeds to upgrade its Pasir Gudang heavy engineering shipyard in the country's southern Johor state, according to the prospectus issued on Oct. 6. The money raised will also partly finance its investment in Turkmenistan's Kiyanly yard, which it manages for Petronas Carigali Sdn., it said.
MISC, the world's biggest owner-operator of liquefied natural gas tankers, is controlled by state oil and gas company Petroliam Nasional Bhd., which also plans to list its petrochemicals division this year.
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