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MMHE's IPO oversubscribed

MMHE's IPO oversubscribed

Kuala Lumpur: Malaysia Marine and Heavy Engineering's initial public offering has been oversubscribed by more than 20 times, two fund managers with direct knowledge of the matter told Reuters. Bids for the auction far exceeded earlier estimates that placed the oversubscription rate at 15 times.?The fund managers said the final institutional price would likely be 3.80 Malaysian ringgit ($1.23) per share, and the retail price at 3.61 ringgit.?Final pricing is due at 1100-1200 GMT on Thursday.?Malaysia Marine, the marine engineering unit of state oil firm Petronas' shipping arm MISC, is expected to raise 2-2.12 billion ringgit ($647 million) from the offering.  [15/10/10]

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