Mobilia IPO oversubscribed by 92 times

Furniture designer and manufacturer Mobilia Holdings Bhd, which is en route to being listed on the Ace Market of Bursa Malaysia, saw its initial public offering (IPO) oversubscribed by 92.17 times.

PETALING JAYA: Furniture designer and manufacturer Mobilia Holdings Bhd, which is en route to being listed on the Ace Market of Bursa Malaysia, saw its initial public offering (IPO) oversubscribed by 92.17 times.

In a statement yesterday, the company said it received a total of 25,164 applications for 1.86 billion new shares from the Malaysian public for its 20 million new shares made available.

It said for the Bumiputra portion, a total of 11,719 applications for 673.24 million new shares were received, which represents an oversubscription rate of 66.32 times.

For the public portion, a total of 13,445 applications for 1.19 billion new shares were received, which represents an oversubscription rate of 118.02 times.

Meanwhile, it said the 12 million new shares available for application by the eligible employees and persons who have contributed to the success of Mobilia and its subsidiaries have also been fully subscribed.

In addition, it said the placement agent, Kenanga Investment Bank Bhd, has confirmed that 68 million shares made available for application by way of private placements have been fully placed out.

On Feb 3, Mobilia said it is raising RM13.8mil from the issuance of 60 million shares at 23 sen each.

The company has earmarked the proceeds from the IPO would be utilised to expand the company’s current manufacturing plant that includes new machineries and increase automation to support its long-term business growth.

Mobilia’s listing is scheduled on Feb 23.