KUALA LUMPUR: Polymer Link Holdings Bhd
’s public portion of its initial public offering (IPO) have been oversubscribed by 48.74 times ahead of its listing on the ACE Market of Bursa Malaysia on Nov 25.
In a statement today, the company said a total of 11,360 applications for 1.39 billion issue shares valued at RM348.21 million were received from the Malaysian public, representing an overall oversubscription rate of 48.74 times.
"For the Bumiputera portion, a total of 6,238 applications for 718.59 million issue shares were received, which represent an oversubscription rate of 50.33 times,” it said.
For the public portion, a total of 5,122 applications for 674.25 million issue shares were received, representing an oversubscription rate of 47.16 times.
The plastic manufacturer said its IPO comprises 121.23 million ordinary shares consisting of a public issue of 97.15 million new ordinary shares at an offer price of 25 sen per share and an offer for sale of 24.08 million existing shares.
Of the public issue, 28 million shares (5.0 per cent of the group’s enlarged issued share capital) will be made available for the public, with 2.5 per cent allocated to non-Bumiputera investors and the remaining will be allocated to Bumiputera investors.
Another 4.44 million shares (0.8 per cent) have been allocated to eligible directors and employees, while 64.71 million IPO shares (11.5 per cent) and the offer for sale of 24.08 million existing shares (4.3 per cent) will be made available for private placement to selected investors.
Meanwhile, Polymer Link said that 4.44 million issue shares have been fully subscribed and the 88.79 million shares made available by way of private placement to selected investors have been fully taken up.
The group is set to raise RM24.3 million from the IPO.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO, while DWA Advisory Sdn Bhd is the financial adviser. - Bernama
