KUALA LUMPUR: Golden Destinations Group Bhd’s initial public offering (IPO) has been oversubscribed by 2.10 times ahead of its ACE Market debut on April 16.
In a statement, the outbound travel experience curator said it received 3,444 applications for 154.89 million shares worth about RM69.7mil from the Malaysian public, representing an oversubscription rate of 2.10 times.
Meanwhile, the 35 million issue shares allocated to eligible persons were fully subscribed, while the 90 million shares placed out to institutional and selected investors were fully taken up.
Managing director Mita Lim said the strong response reflects investor confidence in the company’s business model and growth prospects.
“The encouraging support from the investment community further strengthens our commitment to expand our curated travel offerings, reinforce our operational platform and continue delivering high-quality travel experiences through our extensive network of travel partners.”
With nearly three decades of experience, Golden Destinations has built a strong presence in the outbound travel segment through its flagship brand, operating mainly via a business-to-business model serving a nationwide network of travel agents.
UOB Kay Hian (M) Sdn Bhd chief executive officer David Lim said the IPO demand underscores investor recognition of the company’s established brand, scalable business model and growth opportunities in the sector.
UOB Kay Hian is the principal adviser, sponsor, underwriter and placement agent for the IPO.
