KUALA LUMPUR: Saliran Group Bhd, en route to a listing on Bursa Malaysia’s ACE Market on March 13, has been oversubscribed by 76.03 times.
The company said it received 12,926 applications for 1.47 billion issue shares with a value of RM398.19 million from the public.
In a Bursa Malaysia filing today, Saliran said that for the Bumiputera portion, a total of 4,848 applications for 465.02 million issue shares were received, representing an oversubscription rate of 47.58 times.
"For the public portion, a total of 8,078 applications for 1.0 billion issue shares were received, representing an oversubscription rate of 104.49 times,” it said.
The oil and gas (O&G) pipe supplier also said that the 7.65 million issue shares made available for application by eligible persons have also been fully subscribed.
For private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry, 47.86 million issue shares have been fully placed out by way of private placement.
Saliran Group aims to raise RM21.71 million through its initial public offering (IPO), with the IPO priced at 27 sen per share.
Regarding the proceeds raised, the company said RM1.20 million will be used to establish a sales office in Indonesia.
"RM1.44 million (will be used) for purchasing machinery and delivery trucks; RM7 million for repayment of bank borrowings; RM8.37 million for general working capital and RM3.70 million for estimated listing expenses,” it added. - Bernama
