IPO Malaysia
IPO - Sona Petroleum Berhad (SONA)
Listing Detail:
Listing Sought: Main Market
Issue Price: RM 0.50
Par Value: RM 0.01
Dates:
Offer Period Open: 5/7/2013
Offer Period Close: 12/7/2013
Tentative listing date: 30/7/2013
Number of shares:
Public Issue: Up to 1,100,000,000 Shares together with up to 1,100,000,000 free detachable warrants
Private Placement: Up to 959,000,000 Shares together with up to 959,000,000 free detachable warrants
Stock Code: SONA
Official Announcement
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.
Malaysia's Sona Petroleum to raise nearly $160 mln in IPO
(Reuters) - Malaysia's Sona Petroleum plans to raise more than 500 million ringgit ($159.62 million) in an initial public share offering, making it the biggest special purpose acquisition company (SPAC) to be listed so far in the southeast Asian country.
Sona Petroleum said in a statement on Friday it would offer 1.1 billion ordinary shares at an issue price of 0.50 ringgit per share. Each share will be issued with a free detachable warrant.
The oil and gas company did not give a specific date for its debut on the Kuala Lumpur stock exchange, but said the Securities Commission had approved the IPO.
SPACs like Sona Petroleum are known as blank cheque IPOs as the firms raise money through the stock exchange without a single asset other than a plan to buy assets or other firms that will be injected into the entity.
In this case, Sona Petroleum will look to buy oil and gas production assets in southeast Asia, the Middle East and parts of Africa, the company said. After the acquisitions, the firm said, it will operate as an independent exploration and production company.
Sona Petroleum's listing follows an April IPO by another oil and gas firm, Cliq Energy, which raised about $120 million.
Another two are going for IPOs as political risk ebbs after May elections, opening up the deal pipeline for 2013. In 2012, Malaysia had a record year for IPOs with the listing of plantation operator Felda Global and hospital operator IHH Healthcare. ($1 = 3.1325 Malaysian ringgit) (Reporting by Niluksi Koswanage; editing by Tom Pfeiffer)
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Discussions
7 people like this. Showing 50 of 78 comments
But do remembert post QA , 90% of SPAC in the world failed badly.... pre QA, the warrant will worth a lot of money due to its volatility
2013-07-11 08:56
HOTcake IPO! Draw strong institional interest. Price would be driven up by institutional and speculation interest upon listing. Favourable Qualitative factors as follow:
1. Institional offer more than 5x oversubscribed
2. Strength of Sona management
3. Huge success of previous SPAC, hisbiscus & Cliq.
4. onerus moratorium on promoters
5. Predominant draw local interest. Local mkt has excess liquidity.
No risk, No return!.
2013-07-11 10:26
Look good but for me,this counter 50/50..FLY or KO but i'm in for small quantity..Hopefully get.
2013-07-14 18:48
When we pay 50 sens for IPO price, warrant comes free. How does one get 35 sen for mother and 15 sen for wa? Can anyone explain? Thanks
2013-07-14 19:08
Thanks, prc4. Is warrant also 3 years before it expires like cliq? I think following hibiscus and cliq history ... To see real profits is 3 - 6 months. I believe to good timing as more contracts are coming up for oil & gas industry.
Read somewhere cliq news out 22 July. Anyone can verify? Thanks for sharing!
2013-07-14 23:58
sona opening price no way above 42.5 !!!
son if open 9 sen will face heavy selling !!!
in order to prevent selling pressure of warrant from private issue, i think logical way of opening price for mother should be 40 to 42 sen, then son can hang around 7.5-8.5 sen
2013-07-15 00:32
Hi Harvard, i m new. I am not understand how the calculation for 40-42, son 7.5-8.5sen? how to determine the price of wa come out? Thanks ;)
2013-07-18 23:49
if you r new my advice is do not get involve "spac" shares and "call warrant" you better play some small size company with track record.
especially this sona which give 78% to institution players where public only 2 %(only 141 million for public)
how you going to face the 78% of billion shares ? that mean this share is 100% control and they will lock what ever price they want.
this is the only shares klse not allow them to sell 20% of their shares in 3 years but they got 78% to dump out !!
what ever it is you just add up the mother n warrant price, any premium above 50 sen will be their profit !!!
spac shares is very very high risk casino shares, Spore and HK not allowed this type of nonsense, give him money for 3 years to buy a business,if can not buy one then return 90% money back to you !!!
2013-07-19 01:24
Ipo spac normally raise by private placement retailer, institutional will not participate in this ipo due to their investment process and mandate that would not allow them to invest in comp which has no track record,businesses n fundamentally zero, I think it's worth buying with free wa n 90% protected in3 years, gud luck this 30th july, worth it
2013-07-19 01:46
Thanks Harvard for this great advise, i will bear in mind. ;) i got others share,like jaks & inari. My remiser told me Sona not bad. I m thking, mother/son can get faster money within a month
2013-07-19 23:00
Thanks Hybrid, i didnt get ipo. It means i buy mother in Market i wont get the free wa right after listed. ;)
2013-07-19 23:04
Please check out the information here for more accuracy.. Got cornerstone investors and public and insitutional allocation is 78% (not 2% for public) (From startbiz)
http://www.thestar.com.my/Business/Business-News/2013/07/18/Sona-Petroleum-public-issue-oversubscribed.aspx
Sona Petroleum, which aims to eventually make the transition to an independent E&P company, has already secured commitments from six institutions both local and foreign as cornerstone investors, making it the first SPAC to do so.
They are Hong Leong Asset Management Bhd, Hong Kong-based hedge fund Segantii Capital and Davidson Kempner European Partners, along with the fund management houses of the three banks backing the listing: CIMB-Principal Asset Management Bhd, Kenanga Investors Bhd and RHB Investment Management Sdn Bhd.
Post-IPO, the management will hold 20% of the firm’s enlarged share base, the public and institutions 78% and initial investors 2%. The identities of the initial investors were not disclosed in the prospectus.
2013-07-20 08:55
sorry this is the correct link
http://www.thestar.com.my/Business/Business-News/2013/07/06/Sona-Petroleum-stokes-interest.aspx
2013-07-20 08:56
i believe this will be last spac shares for Msia bcos after ipo sure facing selling pressure from alot of unknown sellers !!!
this is a quick money game by political vip, who go in fast and chowww fast win the money. you guys also got to study carefully the so called fake cornerstone investor,it could be pre-arranged !!! that mean all will become pledge shares to bank and once got margin (mother +warrant more than 50 sen ) they will load to you, after all is free money mah !!!
let me pre warn newbie here, if you want to gamble go in and out got to b fast,DO NOT greedy got 1 sen must take profit !!! spac shares is no more popular in developed countries bcos ALL kena con after 2 years. no spac company will seriously go buy a good business one lah,even they buy also got big kick back for them lah, (just to full fill that got buy up a company as promised.)
i can tell you bcos of hibiscus n cliq now ppl are crazy of spac !!!
in share market ONCE EVERY BODY IS TALKING ABOUT IT(sona got this sign)even a cleaner start asking how to apply,then its confirm CRASH !!!!! (in 1929 before wall street crash, all NY street shoe polishers also asking how to buy a share)
2013-07-20 15:24
Hibiscus, cliq, sona, wonderful SPAC, all in the fantastic oil and gas industry, or are they?
These are all murder holes! SPAC is the short from of Selling Promises And Craziness. Best deal for investment bankers.
Think about it!
1) Would a promising company need to do deal or merge with SPAC, or rather it just go public through a IPO on its own merits?
2) SPAC no doubt has some seemingly successful business people behind them. Are you sure they too will succeed in this new ventures? Or they were successful because of luck or through other people? I tend to believe more of the later.
3)Believe in Harvard57 above, those early birds whose cost is so much lower will unload in droves once listed, leaving those poor retail investors holding the hot potato.
4) Investment bankers will be laughing to the banks with your money. They pay themselves multiple times:
a) When they take it public
b) Consultant to the SPAC on retainer as a potential acquisition is sought.
c)When an acquisition is found
d) The one year process when SPAC is seeking shareholders and regulator approvals.
Fees, fees, fees, an ATM machine for the investment bankers. Guess whose money in the ATM machine?
2013-07-21 08:43
@abundance...CLIQ jul22 is just AGM....I have been saying already quite awhile, I believe there will be no announcement abt acquisition....at most they will say they are in process of acquiring.
Cannot just like this announce in press conference we are gonna acquire which and which company....NEED TO OBSERVE DUE DILIGENCE...NO way they will say anything coz if the deal not finalize and collapse how would it look on them???
They need to call EGM to get shareholder approval if there's really any QA.
I foresee that the price might drop late Mon or Tue...be prepared to take profit earlier and run first....before ppl realize there's no QA and start dumping the shares....shares might drop back to 0.3 - 0.4 level
Just my 2 cents worth...
2013-07-21 10:11
what happen to institution who committed to subscribed,why no new after closing on 17/7/13, under subscribed ???
2013-07-22 17:18
Reminder: Sona Petroleum is long lost friend with Cliq, you see what happen to Cliq today.
2013-07-22 19:01
Posted by kcchongnz > Jul 21, 2013 08:43 AM | Report Abuse X
Hibiscus, cliq, sona, wonderful SPAC, all in the fantastic oil and gas industry, or are they?
These are all murder holes! SPAC is the short from of Selling Promises And Craziness. Best deal for investment bankers.
Think about it!
1) Would a promising company need to do deal or merge with SPAC, or rather it just go public through a IPO on its own merits?
2) SPAC no doubt has some seemingly successful business people behind them. Are you sure they too will succeed in this new ventures? Or they were successful because of luck or through other people? I tend to believe more of the later.
3)Believe in Harvard57 above, those early birds whose cost is so much lower will unload in droves once listed, leaving those poor retail investors holding the hot potato.
4) Investment bankers will be laughing to the banks with your money. They pay themselves multiple times:
a) When they take it public
b) Consultant to the SPAC on retainer as a potential acquisition is sought.
c)When an acquisition is found
d) The one year process when SPAC is seeking shareholders and regulator approvals.
Fees, fees, fees, an ATM machine for the investment bankers. Guess whose money in the ATM machine?
2013-07-22 19:11
I am quite sceptic about this oil and gas ipos.listing and the future performance and the expertise that is behind all this great cash collecting spree. the first on the list being hibiscus is moving.....
2013-07-23 14:05
Investment Idea updated!
The red hot SPAC
http://loryau.blogspot.com/2013/07/spac-boom-part-1.html
2013-07-24 00:57
i also sense something fishy why no news on institution portion ??
may be under subscribed now quietly talking to bank to pledge in these shares!!!
2013-07-25 19:38
Posted by loryau86 > Jul 24, 2013 12:57 AM | Report Abuse
Investment Idea updated!
The red hot SPAC
Talk about investment, if anybody tells you this investment is "red hot", you better run for your life!
2013-07-26 05:35
Posted by Harvard57 > Jul 25, 2013 07:38 PM | Report Abuse
i also sense something fishy why no news on institution portion ??
may be under subscribed now quietly talking to bank to pledge in these shares!!!
Institutional money is smart money. I can't imagine institutions will buy SPAC as investment, unless they can get it dirt cheap compared with the public, and can dump them immediately to make a kill when listed. And who will be "killed"? No prize for the correct answer.
If one knows about what is APAC, how it works, what it does, what is the costs involved, who is the ultimate beneficiary, the experience in the US and other more developed countries and ultimately the efficient market hypothesis, you will never even look at it.
By the way, can any honest and knowledgeable investment banker come out here and say something good about investing in SPAC without blinking his eyes?
2013-07-26 05:44
Did anyone manage to get ipo under miti allocation? If you did, did miti notify you via post, email or we can check if we were successful on miti's website? Or via the issuing house's website? Appreciate a reply. Thanks
2013-07-28 02:22
Since you are applying thru miti so check thru miti website ma. Nothing to do with the issuing house.
2013-07-28 04:39
Thanks pari57..btw, its for UMW O&G but since Sona's the most recent, thot i'd drop by here to query..most prob results not out yet since there's no icon for "check application status". Thanks all..
2013-07-28 12:22
This is because the structured nature of a SPAC ensures the confidence of long-term investments, managing director Datuk Seri Hadian Hashim said.
"The value in the company is derived when the management team is successful in acquiring the right assets for Sona Petroleum."
Confidence ensured? What confidence do you give investors when you presently have nothing but a shell company trying to scout for an unknown hype?
What value? How come a "right asset" will go to you? Haven't you heard of Charles Munger said below:
"When you locate a bargain, you must ask, 'Why me, God? Why am I the only one who could find this bargain?'"
Meanwhile it is expense, expense expense; and fees, fees, and fees for the shareholders while the investment bankers are laughing, laughing and laughing.
2013-07-29 10:42
SPAC is similar to a venture capital fund. If you believe that the manager of the fund has better networks and contacts, and they are in a better position to access opportunities, then, that is their value. A venture capital fund invests in various start-ups, most of which probable will fail. But if they get one right, then that is where the returns will come from. Being listed, SPAC allows for the small investors to participate in opportunities that the average Joe prob cant access. The principle is the same as investing in a Venture Capital Fund which normally will require a minimum investment of a more substantial sum. Not saying SONA is great or lousy. It is just another investment option. If you believe in the managment, good. Otherwise, crap...
2013-07-29 15:53
Updated!
SPAC BOOM (Part 2)
Why should we invest in SPAC Instead of those company that has track record and good dividend?
http://loryau.blogspot.com/2013/08/spac-boom-part-2.html
2013-08-08 00:10
Market Drop? Scare? It's time to buy! What to buy? SPAC the best to buy!
SPAC BOOM PART 3 UPDATED!
Stages of SPACs and where are they now?
http://loryau.blogspot.com/2013/08/spac-boom-part-3-different-stages-of.html
2013-08-20 20:36
SPAC BOOM Updated!
HOW WORST COULD IT BE?
http://www.loryau.blogspot.com/2013/08/spac-boom-part-4-how-worst-could-it-be.html
2013-08-27 23:14
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Any difference of this one compared to HIBISCUS, CLIQ ? What i know is there is morotorium for promotoer to allow them sell shares upon acquired assets produced income, heard Quek LS is interested
2013-07-11 08:48