New high for Dagang NeXchange Bhd
KUALA LUMPUR: Building contractor Inta Bina Group Bhd
's offer of 26.76 million new shares to the public under its initial public offering (IPO) was oversubscribed 42.74 times.
The company said on Wednesday there were 12,574 applications for the 1,170.56 million new shares, valued at RM292.64mil from the Malaysian public. Its offer price was 25 sen each.
Inta Bina, which is seeking to list on the ACE Market of Bursa Malaysia on May 25, said the 20.01 million new shares available for application by eligible directors and employees were fully subscribed.
The 53.53 million new shares allocated to approved Bumiputra investors and 6.75 million new shares for private placement had been completed.
Inta Bina managing director Paul Lim Ooi Joo said the oversubscription reflected the marketability of the shares and confidence in the company’s performance over the long haul.
“We are certainly encouraged by the overwhelming response, which is testimony to the public’s confidence in the inherent strengths of Inta Bina Group.
“I am confident that Inta Bina Group will grow stronger, better and more competitive and we will strive to ensure that we do not disappoint our shareholders and investors who placed their trust in us,” he added.
Inta Bina raised RM26.76mil from its public issue of 107.05 million new shares at 25 sen per share.
The shareholders also offered for sale 26.76 million shares to selected investors by way of private placement.
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