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Shares of Singapore-listed Golden Agri-Resources (GAGR.SI) rose 5.4% to $0.685 on Monday, boosted by news palm oil refiner Mewah International has set an indicative price for its IPO.
Over 28.9 million shares had changed hands by 0252 GMT.
Over 28.9 million shares had changed hands by 0252 GMT.
Mewah, which filed an IPO prospectus on Friday, is looking to raise as much as $449 million in its Singapore initial public offering.
The company plans to sell up to 289.5 million shares to investors, including a 37.8 million primary share greenshoe option, at $1.25 to $1.55 each, according to IFR Asia.
“The market has generally been pretty bullish about the prospects for palm oil firms. Moreover, if Mewah’s IPO does well, this could be an additional boost to Golden Agri’s shares,” said a local trader.
