ACE Market-bound Sorento Capital IPO oversubscribed by 39.34 times

KUALA LUMPUR: Sorento Capital Bhd has been oversubscribed by 39.34 times ahead of its listing on the ACE Market of Bursa Malaysia.

In a statement, the bathroom and kitchen sanitary ware solution provider said its IPO comprises a public issue of 155.0 million new ordinary shares at an issue price of RM0.37 per share.

“This represents 18% of the enlarged share capital, with RM57.4mil expected to be raised. Additionally, there is an offer for sale of 74 million existing shares representing 8.6% of the enlarged share capital, by way of private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).

In respect of the 43 million issue shares allocated to the Malaysian public, Sorento Capital has received a total of 21,292 applicants for 1.73 billion issue shares with a value of approximately RM641.8mil, representing an overall subscription rate of 39.34 times.

For the Bumiputera portion, 9,959 applications for 665.12 million issue shares were received, representing an overall subscription rate of 29.94 times.

For the non-Bumiputera portion, 11,333 applications were received for 1,069,486,800 Issue Shares, resulting in an oversubscription rate of 48.74 times.

Meanwhile, the 16 million issue shares made available for application by the eligible directors, employees and persons who have contributed to the success of the group were fully subscribed.

For the private placement, the 96 million issue shares and 11.5 million offer shares allocated to Bumiputera investors approved by the Miti, as well as the 62.5 million offer shares allocated to selected investors have also been fully placed out.