Cleary Gottlieb Steen & Hamilton and Kuala Lumpur’s Albar & Partners are advising on a reported $3.3 billion initial public offering of Malaysian state-owned palm oil company Felda Global Ventures Holdings Bhd.

According to Bloomberg, the Felda offering, which will begin trading June 28 on the Kuala Lumpur Stock Exchange, is already highly oversubscribed, with large institutional investors leading purchases. It is the second-biggest IPO so far this year after the $16 billion debut of Facebook Inc. last month.

The proceeds will help Felda, one of the world’s largest operators of palm oil plantations, expand its land holdings, as well as invest in fertilizer and irrigation to boost production, and to expand elsewhere. The company has 878,984 acres of plantations in Malaysia and additional holdings in Indonesia. It also has palm oil refining businesses in China, Indonesia, Turkey and South Africa,

A number of other large Malaysian companies, including hospital operator IHH Healthcare Bhd. and power company Malakoff Bhd., are planning IPOs this year, a contrast with other Asian markets like Hong Kong, where several high-profile listings have been shelved.

Cleary Gottlieb is advising Felda on U.S. and English law. Albar & Partners is the company’s Malaysian counsel. Cleary declined to comment on the deal.

The underwriters — CIMB Investment Bank Bhd., Maybank Investment Bank, Deutsche Bank AG., JP Morgan Securities Ltd. and Morgan Stanley – are being advised by Linklaters and Malaysian firm Adnan Sundra & Low.
 
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