PETALING JAYA: The price of Eco-Shop Marketing Bhd
's shares for its initial public offering (IPO) has been fixed at RM1.13 a piece.
In a filing with Bursa Malaysia, the retailing concern noted the price will apply to both the institutional and retail offerings and was arrived at following a book building exercise.
The Main market-bound company had initially proposed to raise RM419.87mil via the IPO comprising the offer of 862.15 million shares at an offer price of RM1.21 apiece.
With the new IPO price, the company will raise RM382mil instead through the public issue of 347 million new shares while another 515.15 million new shares will be sold via an offer for sale.
The IPO will consist of an institutional offering of 675.37 million shares and retail offering of 186.78 million mainly to its directors and employees.
In a separate filing, Eco-Shop stated the institutional offering has been fully subscribed while shares offered to the public were oversubscribed by 0.96 times.
Operating as a dollar chain store, Eco-Shop currently has about 350 stores nationwide and is planning to expand by opening up another 70 stores within one year after listing.
