Ranhill Energy and Resources Bhd, the Malaysian energy and water company launched the bookbuilding for its proposed initial public offer of US$240 million in Malaysia. The IPO seeks to raise the needed funds to repay the debt and to be used as additional working capital for Ranhill. This information is according to a term sheet for the deal offered.

Price for the deal will be set on the 15^th of July, with a debut scheduled for July 31 for the IPO.

Ranhill and its shareholders are offering up to 328.72 million worth of shares to institutional investors with an indicative price per share of 1.70 ringgit to 1.85 ringgit per share.

Cornerstone investors, including the Eastspring Investment Bhd and Corston-Smith Asset Management Sdn Bhd, took in 118.27 million worth of share, or an estimated 12.3% of the company's share capital.

Ranhill allocated 78.28 million worth of shares for retail portion.