Smart Asia IPO oversubscribed by 37.98 times

PETALING JAYA: Smart Asia Chemical Bhd’s public portion shares for its initial public offering (IPO) on the ACE Market of Bursa Malaysia was oversubscribed by 37.98 times.

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

The 62.91 million IPO shares made available by way of private placement to selected investors, and by way of private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry were also fully placed out, the company stated in a filing with Bursa Malaysia yesterday.

The 12.1 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.

Smart Asia, a developer, manufacturer, distributor and seller of a diverse range of decorative paints and protective coatings for household and industrial applications, is to list on May 28.