Malaysian developer, UOA Development, has raised $347 million in an initial public offering (IPO), Bloomberg reports. The unit of Sydney and Singapore-listed United Overseas Australia sold a total of 447 million of shares in the offering.

As a part of the deal, 377 million shares were sold to institutions and another 70 million were sold to individual investors. The company expects to use the proceeds from the offering to fund its existing projects. CIMB was the sole bookrunner, while Hong Leong, Hwang DBS, RHB and OSK were the domestic underwriters for the deal, adds IFR Asia.

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