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.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Sapura Energy’s RCLs to MoF a surprise move
PJBumi signs deal with Intlef
Dialog to continue its focus on midstream business
RAISING THE BAR
Lack of financing holds back recycling of solar panels
Catalysts to lift Sunway-REIT revenue
Hanoi proposes 2% VAT reduction on select goods
Tariff truce raises Jakarta’s bargaining power
Aneka Jaringan unit bags RM51mil job
UK economy has a growth spurt before tax and tariff challenges

Others Also Read