PETALING JAYA: Supreme Consolidated Resources Bhd
(SCRB) reported overwhelming demand for its initial public offering (IPO), with the public portion of shares seeing an oversubscription of 349.4 times.
The company’s IPO comprises 70 million new ordinary shares priced at 25 sen each, in conjunction with its listing on the ACE Market of Bursa Malaysia, tentatively scheduled for Nov 29.
The IPO includes 8.6 million shares allocated for the Malaysian public, 7.65 million shares for eligible directors, senior management, employees and business associates, with the balance 53.75 million shares for private placement to bumiputra investors approved by the Investment, Trade and Industry Ministry.
In a statement released yesterday, SCRB said a total of 23,955 applications were submitted for 3.01 billion shares, which significantly exceeded the 8.6 million shares available for public subscription.
It received a total of 11,984 applications for approximately 1.37 billion new shares for the bumiputra portion alone, representing an oversubscription rate of 317.38 times, while the remaining public allocation saw an even higher oversubscription rate of 381.46 times.
In addition, SCRB said the 7.65 million new shares made available for application by the eligible directors, key senior management, employees and business associates of the group and its subsidiaries have also been fully subscribed.
The Sarawak-based company is primarily involved in the supply of meat products and services, and the IPO is expected to raise RM17.5mil for the firm transferring its listing from the LEAP Market.
Its prospectus also showed that there will be no sale of existing shares in the exercise.
