Return of Bumi Armada. Will It float Again?

Malaysian oil and gas services provider Bumi Armada, set to return to Bursa KL, has apparently being given a potential IPO price of somewhere between RM2.80 to RM3.15 per share for its public offering slated in July 2011.

If so,it means that the exercise will amassed some US$906 million (RM2.7 billion) from the capital market.

So what is so unique about this Bumi Armada ?

It is an offshore support oil and gas specialist and the only Malaysian company that owns floating production storage and offloading (FPSO) vessels, which carry a premium lease rate.

Bumi Armada was privatised in 2003 by tycoon T. Ananda Krishnan, and a planned relisting in 2008 was delayed due to the global financial crisis.

CIMB is the joint global co-ordinator and bookrunner for the offering.

So, is this a good bet or will it sink like UOA? Or worse xerorised like XOX?

As there are no better offering for the year, perhaps a risk on this stock may make your day.