Seng Fong IPO shares oversubscribed


The main market-bound company, in a release yesterday, stated the shares offered to bumiputra investors were also oversubscribed by 1.45 times.

PETALING JAYA: Seng Fong Holdings Bhd initial public offering (IPO) shares offered to the public were oversubscribed by 3.09 times.

The main market-bound company, in a release yesterday, stated the shares offered to bumiputra investors were also oversubscribed by 1.45 times.

Shares offered to eligible directors and employees of the group and persons who have contributed to the success of the group have also been fully subscribed.

Seng Fong’s IPO saw the issuance of 160.87 million shares consisting of a retail offering of 42.2 million shares to the Malaysian public and institutional offering of 118.67 million IPO shares.

The rubber processor company is aiming to raise RM68mil from its listing exercise and use the bulk of the proceeds raised to repay bank borrowings and for its working capital requirement.

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