NAME: Johor Plantations’ $157 million IPO
LAW FIRM: Christopher & Lee Ong, Mah-Kamariyah & Philip Koh, Latham & Watkins, Linklaters
JURISDICTION: Malaysia
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Industrials and manufacturing
Johor Plantations’ $157 million IPO is our deal of the month for July.
Johor Plantations has made its debut on the Malaysian Stock Exchange with an IPO of $157 million, marking the largest IPO in Malaysia since Farm Fresh’s IPO in March 2022. The company issued a total of 835 million shares, representing a 35% stake in the company.
Johor Plantations is a producer of palm oil, palm kernels and bio-methane. With this IPO, the company plans to grow within the palm oil industry and address the increasing demand for sustainably produced specialty oils and fats. Proceeds will be dedicated to developing infrastructure and supporting other activities in line with the company’s sustainability practices, as well as improving working capital and repaying bank loans.
The IPO attracted substantial interest from various investors, including sovereign wealth funds, insurance companies, and other institutional investors. The IPO was also backed by seven cornerstone investors, who bought 40.8% of the total offering.
Mah-Kamariyah & Philip Koh and Latham & Watkins advised Johor Plantations. The Mah-Kamariyah transaction team was led by managing partner Adrian Koh. The Latham team was led by Singapore partners Sharon Lau and Stacey Wong.
Christopher & Lee Ong and Linklaters acted as Malaysian counsel and international counsel respectively to the joint global coordinators and joint bookrunners led by RHB Investment Bank Berhad. The Christopher & Lee Ong team was led by partners Annette Soh and Daphne Lam. The Linklaters team was led by capital markets head Amit Singh.