12/04/2012 (Reuters) - Shares of Singapore-listed Bumitama Agri Ltd opened 35 percent above its initial public offering price on Thursday, helped by a strong outlook for palm oil prices.

Bumitama shares later traded at S$1.015, 36 percent higher than its IPO price of S$0.745.

The palm oil company raised about S$244 million ($194 million) in the share offering, which will mainly go towards funding its expansion and development of its uncultivated land bank and palm oil plantations.

HSBC and DBS are the joint issue managers, bookrunners and underwriters of the IPO. ($1 = 1.2578 Singapore dollars)