Shares in leading Malaysian ports operator Westports Holdings closed six percent above their offer price Friday, after raising more than $700 million in the country's largest initial public offering (IPO) this year.
The stock closed at 2.65 ringgit (0.84 US cents) on the Kuala Lumpur exchange, compared to the 2.50 ringgit offer price.
CEO Ruben Gnanalingam said Westports had raised 2.24 billion ringgit ($710 million) in the IPO, calling it "another remarkable milestone" for the company that manages the shipping terminal at the country's main port of Klang, Southeast Asia's second-busiest port.
"Our growth has been remarkable over these 19 years, and we are proud to have helped revitalised Port Klang and bring it into the league of top container terminals in the world," he said, according to the text of a speech he gave at the stock's launch Friday.
Westports is partly owned by Asia's richest man, Hong Kong billionaire Li Ka-shing.
Ooi Chin Hock, a dealer with Malaysia's M & A Securities, said Westports shares enjoyed strong fundamentals thanks to its diverse range of clients in the shipping industry and its well-run operations in the export-reliant country.
"This counter is for long-term investors. The business is solid. It's very established," Ooi said.
Southeast Asia's third-largest economy, Malaysia saw a flurry of big listings last year that help its stock market become the world's fifth-largest IPO market in 2012.
The market has been relatively quiet this year as caution reigned in the run-up to elections in May that were won by Malaysia's long-ruling coalition.
But in July, Malaysia-based airline AirAsia X listed on the Kuala Lumpur stock exchange after raising $308.6 million from an IPO. AirAsia X is the long-haul arm of leading budget airline AirAsia.
Offshore drilling services firm UMW Oil and Gas Corp. announced early this month it planned to raise $535 million in a listing set for November 1.