PETALING JAYA: Gold Li Holdings Bhd has attracted an overall oversubscription rate of 3.26 times for its initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia.
In a filing with Bursa Malaysia, the property developer noted a total of 127.8 million new shares worth RM16.6mil were received from the Malaysian public for the 30 million shares allocated under the public portion.
The Bumiputera public portion recorded an oversubscription rate of 1.19 times for the 32.92 million shares offered.
The public tranche was oversubscribed by 5.33 times, while shares allocated to eligible persons were fully subscribed.
In addition, the 75 million shares made available to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) through private placement were fully placed out after taking into account clawback and reallocation provisions outlined in the prospectus.
The placement involved 39 million new shares and 36 million existing (offer) shares.
Separately, the 42 million new shares earmarked for selected investors via private placement were also fully taken up.
Gold Li is scheduled to make its debut on the ACE Market on May 18. The company fixed its IPO price at 13 sen per share.
“The positive response from the public is a humbling validation of our Group’s standing in the industry. For over two decades, we have focused on delivering quality landed homes in Muar, Tangkak, and Batu Pahat, and this milestone reflects investor belief in our future expansion.
By transitioning into a public-listed entity, we look forward to utilising the IPO proceeds primarily for working capital to support our property development activities, while further strengthening the group’s foundation for future growth initiatives, including our planned venture into high-rise developments,” managing director Datuk Lee Tiau Huat said.
