SSF Home IPO oversubscribed by 8.25 times

KUALA LUMPUR: The initial public offering (IPO) of ACE Market-bound SSF Home Group Bhd, formerly SSF Home Living Sdn Bhd, has been oversubscribed by 8.25 times.

“We are well positioned to execute our expansion strategy, which entails establishing 18 new outlets in the coming three years,” said managing director and chief executive officer Wong Choong Loong said in a statement.

He added that the IPO would enhance the company’s market presence in the country.

SSF Home received a total of 5,348 applications for 370.04 million shares with a value of about RM92.5mil for the 40 million shares allocated to the Malaysian public, representing an oversubscription rate of 8.25 times.

For the bumiputra category, the company said there were a total of 2,636 applications received for 137.28 million shares, implying an oversubscription rate of 5.86 times.

As for the other Malaysian public category, 2,712 applications were received for 232.76 million shares, representing an oversubscription rate of 10.64 times.

SSF Home will be listed on the ACE Market on Oct 12.

Upon its listing, it will have a market capitalisation of about RM200mil, based on an issue price of 25 sen per share and the enlarged share capital of 800 million shares.

Notices of allotment will be posted to all successful applicants by Oct 10.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.

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