And now in countries like Malaysia, the good news is that licensed platforms are affording the public to participate in equity crowd-funding and peer-to-peer lending options. There is also the Leap Market in which companies not quite ready for a full blown listing are able to get listed.
KUALA LUMPUR: Cashless payment solutions provider Revenue Group Bhd
's offer of 11.14 million new shares to the public at 37 sen each under its listing exercise was oversubscribed by 11.22 times.
It said on Tuesday there were 3,699 applications for 136.21 million new shares, valued at RM50.40mil from the public.
It also said another 11.14 million new shares offered to directors and employees were fully subscribed.
Revenue's managing director and group CEO Eddie Ng Chee Siong said the strong take-up rate for the new shares reflected the marketability of the shares and the long-term confidence in the company.
Under the listing exercise, Revenue raised RM20.61mil from its public issue of 55.71 million new shares at 37 sen per share.
Under the IPO, it offered 11.14 million new shares to the public, another 11.14 million new shares to the directors and employees and the remaining 33.43 million new shares were placed out.
As part of its listing exercise, the existing shareholders of the company offered for sale 16.71 million shares via a private placement to selected investors.
Of the proceeds to be raised from the IPO, it would use RM8.10mil (39.3%) to purchase 9,000 units of new digital electronic data capture (EDC) terminals with the capability to accept Quick Response (QR) Payment.
Revenue would also use RM4.04 million (19.6%) to upgrade and enhance its revPAY platform and recruit more IT staff.
It would also use RM2.5mil (12.1%) to repay bank borrowings; RM1.50mil (7.3%) to expand to Cambodia and Myanmar; RM1.77mil (8.6%) for general working capital needs and the remaining RM2.70mil (13.1%) to defray listing expenses for the IPO.
The company is scheduled to be listed on July 18. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.
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