PETALING JAYA: ISF Group Bhd’s initial public offering (IPO) on the ACE Market of Bursa Malaysia drew strong investor demand, with the public portion oversubscribed by more than 31 times.
In a filing dated Jan 20, the company said it received 11,446 applications for about 1.61 billion shares from the Malaysian public, compared with 50 million shares available. This translated into an oversubscription rate of 31.14 times, with total application value exceeding RM530 million.
Demand was particularly robust from the non-Bumiputera public tranche, which recorded an oversubscription rate of 44.49 times, while the Bumiputera public portion was oversubscribed by 17.78 times.
The 15 million shares reserved for eligible persons were fully subscribed. Meanwhile, all shares earmarked for private placement were fully placed out, including 125 million IPO shares allocated to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 85.3 million issue shares allocated to selected investors.
In total, 210.3 million placement shares were allocated to 966 investors. ISF noted that no placee emerged as a substantial shareholder following the IPO.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.
