Felda Global Ventures Holdings, Malaysia's huge state-owned palm oil producer, will likely exceed its IPO target of $3.2 billion when it goes public on June 29. The offering has attracted more than 30 times the available shares, the Wall Street Journal reported on Tuesday, a day before the IPO price will be set.

Felda Global is a major producer of palm oil, which is used in a variety of consumer goods, including beauty products and processed foods. The company also produces rubber, soybean, canola and sugar products. The company is expected to be valued at more than $5 billion.

A dozen investors have already committed to holding $1 billion worth of shares for six months or longer; these include the Qatar Investment Authority and AIA Group Ltd. and Louis Dreyfuss.