KUALA LUMPUR: Verdant Solar Holdings Bhd
’s initial public offering (IPO) of 40.88 million shares at RM0.31 per share has been oversubscribed by 39.60 times, ahead of its listing on the ACE Market of Bursa Malaysia on Oct 22.
The solar panel installer said a total of 16,737 applications for 1.66 billion new shares were received from the Malaysian public, resulting in an overall oversubscription rate of 39.60 times.
In a statement today, Verdant Solar said that 7,578 applications for 709.78 million new shares were received for the Bumiputera portion, representing an oversubscription rate of 33.72 times.
"A total of 9,159 applications for 949.80 million new shares were received for the other Malaysian public portion, representing an oversubscription rate of 45.47 times,” it said.
Additionally, 25 million new shares available for application by the eligible directors, employees and persons who have contributed have been fully subscribed.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
The Sole Placement Agent has confirmed that the 76.11 million new shares and 73.59 million existing shares, by way of a private placement to selected investors, have been fully placed.
The notices of allotment will be mailed to all successful applicants by Oct 17. - Bernama
