KUALA LUMPUR: Bus company HI Mobility Bhd
’s initial public offering (IPO) has been oversubscribed by 6.57 times ahead of its listing on the Main Market of Bursa Malaysia Securities Bhd.
The company said in a statement that it received 4,010 applicants for a total of 75.74 million issue shares with a value of RM92.40mil for the ten million issue shares allocated to the Malaysian public.
“For the bumiputra portion, 1,519 applications for 20.14 million issue shares were received, representing an overall oversubscription rate of 3.03 times. As for the non-bumiputra portion, 2,491 applicants were submitted for 55.60 million issue shares, resulting in an oversubscription rate of 10.12 times,” it said.
HI Mobility added that the five million issue shares available for application by eligible directors and employees have been fully subscribed. The company said notices of allotment would be posted to all successful applicants by March 27, 2025.
Maybank Investment Bank Bhd is the principal adviser, sole placement agent and sole underwriter for the IPO.
HI Mobility’s principal activity is investment holding while its wholly-owned subsidiary, Handal Indah, is principally involved in the provision of bus transportation services.
The company operates within the mass transit sector and is principally involved in providing cross-border and local bus services.
