Binasat’s IPO draws oversubscription rate of over 34 times

Temporary anti-dumping measures on ethanolamine products produced in the Malaysia, Saudi Arabia, Thailand and the United States is also being introduced.

KUALA LUMPUR: Shares of Ace Market-bound Binasat Communications Bhd allocated for the Malaysian public have attracted strong demand, reflected by their oversubscription rate of 34.23 times.

In a statement, Malaysian Issuing House Sdn Bhd (MIH) announced that a total of 10,465 applications for 458.02 million shares were received for the 13 million new shares offered for public subscription at 46 sen apiece. The balloting of successful applications was held on Thursday.

Half of the shares - 6.5 million - were set aside for allotment under the bumiputra category. MIH said a total of 5,946 applications for 199.49 million new shares were received for this category, representing an oversubscription rate of 29.69 times.

The shares in the public category, meanwhile, attracted 4,519 applications for 258.53 million shares for an oversubscription rate of 38.77 times.

Scheduled for listing on Jan 8, 2018, Binasat is mainly involved in the provision of telecommunication network supporting services.

The initial public offering comprises 85.979 million public issue and 40 million offer for sale shares, for 46 sen apiece. The 40 million offer for sale shares and 59.979 private placement shares have been placed out to selected investors.