Choppy markets hit Japfa $159m debut listing

By Rev Hui
07 Aug 2014

Volatile markets forced Indonesian agricultural firm Japfa to price its S$198.4m ($159m) IPO close to the middle of guidance on Wednesday, even though books were covered across the range.

Credit Suisse and DBS, the joint global co-ordinators, issue managers, bookrunners and underwriters, fixed final pricing at S$0.80 a share, from a S$0.75-S$0.87 indicative price range.

That translated to a 2015 P/E multiple of 9.3 times, but the company’s focus on both animal proteins and dairy products meant ...

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