KUALA LUMPUR, Malaysia (AP) — Shares of Malaysian palm oil giant Felda soared by as much as 20 percent on its public debut Thursday — the world's biggest share sale this year after Facebook.
State-owned Felda Global Venture Holdings hit a high of 5.46 ringgit ($1.71) shortly after listing on the main board of Bursa Malaysia, up from its initial public offering price of 4.55 ringgit ($1.43). Its first-day jump defies an overall weakness in global stock markets and reflects investor interest in the world's third-largest palm oil company.
Felda has raised around 10 billion ringgit ($3.1 billion) in the largest IPO in Asia this year. It is the second-biggest in the world after Facebook, which raised $16 billion but whose shares slumped after its public debut in May.