Oldtown IPO oversubscribed

KUALA LUMPUR: Oldtown Bhd, en route to a listing on Bursa Malaysia Main Market on July 13, had its initial public offering (IPO) oversubscribed by 10.8 times.

The Oldtown White Coffee cafe chain operator and instant beverage mix manufacturer received 9,366 applications for 117.64 million shares with a total value of RM147.1mil for the public tranche of 10 million new shares under its IPO.

Oldtown now exports its instant beverage mixes to 13 countries, including Singapore, China, Hong Kong, the United States and Taiwan.

Oldtown group managing director Lee Siew Heng said in a statement yesterday that there were plans for deeper penetration into China by the fourth quarter.