KUALA LUMPUR: Gas Malaysia Bhd jumped on its first day of trading yesterday after completing the nation's biggest share sale so far this year.

The stock surged as much as 15% to RM2.52 from an IPO price of RM2.20, the second strongest debut in Malaysia this year.

It pared gains to close at RM2.42 and was the exchange's most active counter with 87 million shares changed hands.

"This is one of the major oil and gas IPOs," said Teh Kian Yeong, an analyst at K&N Kenanga Holdings Bhd told Bloomberg by phone.

"Its share price was also supported by above average dividend yield."

Its RM734mil offering comes amid a resurgence in Malaysian share sales, even as volatility in global stock markets has seen offerings delayed or canceled elsewhere. Oil palm planter Felda Global Ventures Holdings Bhd drew orders from institutional investors for more than 15 times the stock available to them in its RM10.5bil ringgit offering this month, two people with knowledge of the matter said June 7.

IHH Healthcare Bhd, Asia's biggest hospital operator, plans to raise more than RM6bil ringgit in an initial public offering in Kuala Lumpur, two people familiar with the matter said on June 1.

Six other companies also currently have prospectuses posted with the Securities Commission for public disclosure.

Malaysian stocks have withstood the global selloff, with the KLCI index little changed last month compared with a 10% drop in the MSCI Asia Pacific Index.

EITA Resources Bhd, an elevator manufacturer, made this year's strongest debut, rising almost 16% on its first day of trading.

Gas Malaysia, which counts MMC Corp as its biggest shareholder, is the sole licensed seller of natural gas in Peninsular Malaysia, according to its listing document.

The Selangor based company also has rights to supply liquefied petroleum gas.

It plans to pay at least 75% of profit as dividends from 2013, according to the prospectus. The company intends to distribute all the earnings net of tax this year as dividend, Gas Malaysia said.

Malayan Banking Bhd managed the share sale, helped by Bank Muamalat Malaysia Bhd. and Kenanga Investment Bank Bhd.

Graff Diamonds Corp, the London based jeweler, and China Yongda Automobiles Services Holdings Ltd. shelved share sales in Hong Kong last month.

Formula One chief executive officer Bernie Ecclestone said on June 2 the auto racing series' planned Singapore offering might not take place until later this year because of time pressures and a volatile equity market.