News Summary: Palm oil giant Felda soars in debut

The Associated Press

HOT STOCK: In the world's biggest IPO this year aside from Facebook's., shares of Malaysian palm oil giant Felda Global Venture Holdings soared 20 percent in their debut Thursday, overcoming weakness in global stock markets.

THE NUMBERS: The stock hit 5.46 ringgit ($1.71) shortly after listing on Bursa Malaysia, then retreated some. The offering raised about 10 billion ringgit ($3.1 billion) at 4.55 ringgit per share. Facebook's IPO raised $16 billion at $38 a share.

THE CONTEXT: The government-backed company is the world's third-largest palm oil producer.