KUALA LUMPUR (Nikkei Markets) - Shares of Eco World International staged a solid trading debut after raising 2.58 billion ringgit ($583 million) in the largest initial public offering so far this year in Malaysia, reflecting a strong investor appetite for the state-backed asset.
After opening 9.2% higher at 1.31 ringgit apiece, shares in the heavily-oversubscribed Malaysian company gave up some gains to end at 1.28 ringgit, up 6.67%, while the benchmark FTSE Bursa Malaysia KLCI added 0.3%. Investors in the overseas arm of Malaysian real estate developer Eco World Development Group made up about 4.5% of the total volume in Kuala Lumpur stock market as they scrambled to buy into a company that aims to steadily swell its portfolio.
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