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Petronas Chemicals Shares Soar in Trading Debut

2:34 AM MST | November 26, 2010 | Natasha Alperowicz

Shares in Petronas Chemicals Group (Kuala Lumpur) rose on its trading debut, following Malaysia's biggest initial public offering (IPO). Petronas raised $4.1 billion earlier this month, selling 31% of the chemicals group in an IPO, which valued the company at more than $13 billion. On the first day of trading the stock was selling at 5.72 ringgit, a 10% premium to the institutional price and 13.5% above the retail offer of 5.04 ringgit/share, which was in line with analysts expectations. Demand exceeded supply for the stock in Southeast Asia's largest IPO. CIBM...

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