Smart Asia IPO public portion oversubscribed 37.98 times

KUALA LUMPUR: ACE Market-bound Smart Asia Chemical Bhd’s public portion shares under its initial public offering (IPO) have been oversubscribed by 37.98 times.

Tricor Investor & Issuing House Services Sdn Bhd, on behalf of Smart Asia, said the company received a total of 5,916 applications for 360.46 million shares under the public portion.

Some 18.49 million IPO shares were made available for application by the Malaysian public.

Meanwhile, the company received a total of 13,441 applications for 635.70 million shares with a value of RM254.28 million from the Malaysian public, representing an oversubscription rate of 33.38 times.

"For the Bumiputera portion, a total of 7,525 applications for 275.24 million shares were received, which represents an oversubscription rate of 28.77 times,” it said.

Tricor Investor said another 12.10 million IPO shares reserved for application by eligible directors, employees and other persons who had contributed to Smart Asia’s success were also fully subscribed.

Further, the placement agent has confirmed that the 62.91 million IPO shares by way of private placement to selected investors, and by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) have been fully placed out.

The notices of allotment will be posted to all successful applicants on May 24, 2024.

Mercury Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for this IPO. - Bernama

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