KUALA LUMPUR, Aug 29 — 99 Speed Mart Retail Holdings Bhd’s initial public offering (IPO) has been met with strong demand, receiving oversubscriptions of 3.04 times.
The company in a statement announced that it received 49,354 applications for a total of 678.58 million IPO shares, according to a report published by The Star today.
The Bumiputera public portion was slightly oversubscribed by 0.54 times, after it received a total of 3,731 applications for 45.37 million new shares, with the balance clawed back and re-allocated to the non-Bumiputera investor.
Meanwhile, the non-Bumiputera portion was significantly oversubscribed at a rate of 6.54 times where it received a total of 45,623 applications for 633.2 million IPO shares.
Additionally, the 42 million IPO shares allocated for eligible applicants were fully subscribed.
99 Speed Mart has set the final retail and institutional price at RM1.65 per IPO share.
As a result, there will be no refunds to successful retail applicants.
The institutional offering, involving 1.21 billion IPO shares to the Malaysian institutional and selected investors (including Bumiputera investors approved by the Ministry of International Trade and Industry Malaysia), has been fully placed out by CIMB Investment Bank Bhd, the principal adviser, sole bookrunner, and sole managing underwriter.
Affin Hwang Investment Bank Bhd and RHB Investment Bank Bhd are also joint underwriters for the IPO.
99 Speed Mart is scheduled to list on the Main Market of Bursa Malaysia Securities on September 9, 2024.
