HONG KONG — Facebook’s botched Nasdaq debut last month may have cast a pall over the global market for new listings, but the Malaysian palm oil producer Felda Global Venture Holdings still plans to raise up to $3.2 billion this week in the world’s second-biggest initial public offering this year, according to a person with direct knowledge of the deal.
The decision comes despite a series of new listings being pulled or postponed in recent weeks, including prominent deals like Formula One’s planned $3 billion Singapore I.P.O. and an aborted $1 billion offering in Hong Kong by the British jeweler Graff Diamonds.
Felda, a state-owned producer of crude palm oil that earns the vast majority of its revenue within Malaysia, appears to be filling order books as the deal moves toward final pricing on Wednesday and a trading debut on the Kuala Lumpur exchange on June 28.
- Felda Signs Up 10 Cornerstone Investors (blogs.wsj.com)
- Fidelity, Value Partners among Felda cornerstones (todayonline.com)