HI Mobility’s IPO oversubscribed ahead of its listing

From left: HI Mobility Bhd independent non-executive chairman Raja Datuk Zaharaton Raja Zainal Abidin, executive director and chief executive officer Lim Chern Chuen, Maybank Investment Bank Bhd chief executive director Michael Oh-Lau and Maybank IB deputy chief executive officer Tengku Ariff Azhar Tengku Mohamed.

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.