Alam Maritim IPO 8.68 times oversubscribed

KUALA LUMPUR: Alam Maritim Resources Bhd’s initial public offering (IPO) of 8.12 million shares for the Malaysian public has been oversubscribed by 8.68 times. 

In a statement yesterday, Alam Maritim said it received a total of 18,039 applications for 78.59 million shares for the 8.12 million shares available for subscription. 

The bumiputra portion received a total of 9,208 applications for 23.45 million shares, representing an over-subscription rate of 8.63 times. 

Alam Maritim, en route to a listing on the main board, is involved in the provision of marine support services in oil and gas exploration, as well as the production sector. 

Shares of Alam Maritim have been classified as syariah-compliant by the Securities Commission's Syariah Advisory Council. 

Alam Maritim's IPO involves issuance of 29.22 million shares and an offer for sale of 8.65 million existing 50 sen shares at RM1.65 apiece. Of the amount, 9.74 million shares are offered to eligible directors, employees and persons who have contributed to the company. 

A total of 20.02 million issue shares made available for application by private placement to identified local and foreign investors were also fully placed out, it said. – Bernama

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