Followers

Please Click LIKE to like my blog. Thanks for support

Friday, July 5, 2013

SONA PETROLEUM IPO

Worth to apply?

Opening of application
05/07/2013

Closing of application
12/07/2013

Balloting of applications
17/07/2013

Allotment of IPO shares to successful applicants
26/07/2013

Tentative listing date
30/07/2013

SONA PETROLEUM BERHAD IPO.

INITIAL PUBLIC OFFERING OF UP TO 1,100,000,000 NEW ORDINARY SHARES OF RM0.01 EACH IN SONA PETROLEUM BERHAD (FORMERLY KNOWN AS TITANIUM WINDFALL SDN BHD) (“SONA PETROLEUM”) (“SHARES”) (“PUBLIC ISSUE SHARES”), TOGETHER WITH UP TO 1,100,000,000 FREE DETACHABLE WARRANTS (“WARRANTS”) ATTACHED ON THE BASIS OF ONE (1) WARRANT TO
 EVERY ONE (1) PUBLIC ISSUE SHARE, AT AN ISSUE PRICE OF RM0.50 PER PUBLIC ISSUE SHARE AND ATTACHED WARRANT, IN CONJUNCTION WITH THE LISTING OF AND QUOTATION FOR THE SHARES AND WARRANTS ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD, COMPRISING:

(I) THE RETAIL OFFERING OF 141,000,000 PUBLIC ISSUE SHARES TOGETHER WITH 141,000,000 ATTACHED WARRANTS TO THE MALAYSIAN PUBLIC; AND

(II) THE INSTITUTIONAL OFFERING OF UP TO 959,000,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 959,000,000 ATTACHED WARRANTS BY WAY OF PLACEMENT TO SELECTED INVESTORS, COMPRISING:

- UP TO 176,340,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 176,340,000 ATTACHED WARRANTS TO BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY; AND

- UP TO 782,660,000 PUBLIC ISSUE SHARES TOGETHER WITH UP TO 782,660,000 ATTACHED WARRANTS TO MALAYSIAN INSTITUTIONAL AND SELECTED INVESTORS AND FOREIGN INSTITUTIONAL AND SELECTED INVESTORS,

SUBJECT TO THE CLAWBACK AND REALLOCATION PROVISIONS.

Source: Bursa.

=============

From The Star
Published: Friday July 5, 2013 MYT 12:00:00 AM
Updated: Friday July 5, 2013 MYT 2:21:31 PM
PETALING JAYA: Sona Petroleum Bhd’s initial public offering (IPO) has garnered a significant amount of interest from the private banking clients of the two main investment banks handling the listing, according to sources.
Clients of CIMB Investment Bank Bhd and RHB Investment Bank Bhd showed interest for a combined RM3bil in the RM550mil IPO, bankers said. Most of this came from high net-worth individuals as well as some institutions.
Many institutional funds are not mandated to invest in SPACs, or special-purpose acquisition companies, which have no operations or income-generating business at the point of their IPO but undertake a listing for the purposes of acquiring operating companies or assets.

Sona Petroleum would be the third SPAC to be listed on Bursa Malaysia, one of the few exchanges in the world that allow for the listing of these vehicles.
It is also understood that some of the demand had come from overseas individuals such as in Singapore and Hong Kong.
Investors were drawn to Sona Petroleum because of the strength of its management team and also the success of the previous two SPAC listings, industry sources said.

Hibiscus Petroleum Bhd and CLIQ Energy Bhd, which, like Sona Petroleum, are focused on the exploration and production (E&P) of oil and gas, have seen their share prices appreciate considerably since debuting on the market.

Another aspect of Sona Petroleum’s listing that helped boost demand, noted bankers, was the strict moratorium imposed on its promoters.

“The promoters are under a moratorium until Sona Petroleum’s acquired asset starts producing,” a source said. “That’s pretty onerous. It promotes confidence,” said one banker.
Aside from high net-worth individuals, several institutional investors are understood to have expressed interest for shares in Sona Petroleum, even though fund managers do not typically put money into SPACs due to their high-risk nature.

StarBiz reported last week that Sona Petroleum was close to securing at least two cornerstone investors, namely Hong Kong hedge fund Segantii Capital and a unit of banking tycoon Tan Sri Quek Leng Chan’s Hong Leong group.
As is required of SPACs, Sona Petroleum intends to use 90% of its IPO proceeds, or RM495mil, to purchase the qualifying asset. The remaining 10% of the money will be set aside for working capital.

According to its draft prospectus, Sona Petroleum is keen on small- to medium-sized E&P assets in the exploration, development or production phases across South-East Asia, the Middle East and selected countries on the African continent.

Post-listing, the management will hold 20% of the firm’s enlarged share base, the public and institutions 78% and initial investors 2%.
Sona Petroleum’s retail offering, which will make up a small percentage of the 1.1 billion shares it is floating, begins today. The company is scheduled to list on July 30.

===================
Will post more if have any research analysis.


For more information on recent IPO, here.
http://politemarket.blogspot.com/search/label/IPO

For information on Sona Petroleum, here.
http://politemarket.blogspot.com/search/label/Sona%20Petroleum



Please support by clicking my blog facebook LIKE.

5 comments:

  1. can buy this ipo?

    ReplyDelete
  2. nope...will below ipo

    ReplyDelete
    Replies
    1. Below Ipo? Fat chance! Do you know how many banks want this ipo?? This one is a sure win if you get the Ipo and free warrants. If not just buy on listing day. How nice if i were bumi.

      Delete
    2. sure win? same as air asia x....limited gain also if can up on 1st day.don't think is another hibiscus or cliq.both of them smaller capital,this one is huge. like ponzi scheme. once get bigger it will burst and caught many people

      Delete
  3. Do u have the Fair Value?

    ReplyDelete

Disclaimer

Disclaimer Clause
The information contained in this blog is my personal diary and has been prepared solely for myself. Without any previous reading material or discussion, by just reading my blog contents, reader may misunderstand the contents.
All the contents I am talking to myself and most contents are hypothetical or imaginary.
This blog has been compiled in good faith, with no intention to cause hurt, loss, or any trouble. No representation is (either express or implied) as to the completeness or accuracy of the information it contains.
This blog also is not an advice, recommendation or an invitation to buy or sell or invest in anything, eg shares, futures, derivatives, gold, etc. Consult your investment adviser before making any decisions.
The copyright of the material contained in my blog remains solely with me. You shall not copy, reproduce and / or distribute this information without my permission.