Malaysia seeks $3.3 billion in palm oil IPO

KUALA LUMPUR, Malaysia (AP) — Malaysian palm oil giant Felda said Thursday its initial public offering in June could raise up to 10.5 billion ringgit ($3.3 billion), making it the world's second-biggest IPO this year after Facebook.

State-owned Felda Global Venture Holdings said the estimated proceeds were based on a 4.55 ringgit ($1.4) per share price for retail investors. The IPO, which has met resistance from farmers, comes amid turmoil in financial markets that prompted London-based jeweler Graff Diamonds to Thursday shelve its $1.5 billion IPO in Hong Kong.