KUALA LUMPUR: Skyworld Development Bhd
’s public portion of its initial public offering (IPO) has been oversubscribed by 0.19 times.
In a statement, the property developer said it received a total of 3,378 applications for 59.48 million new shares made available for the public, representing an overall oversubscription rate of 0.19 times.
Of this, a total of 1,644 applications for 30.78 million shares were received for the Bumiputera portion, representing a subscription rate of 1.23 times.
For the remaining Malaysian public portion, a total of 1,734 applications for 28.7 million shares were received, representing a subscription rate of 1.15 times.
Founder and non-independent executive chairman Datuk Seri Ng Thien Phing said: “We look forward to our listing on July 10 and are excited of our growth journey ahead. Our dedication to providing exceptional value, coupled with our unwavering focus on customer satisfaction, will continue to be the driving force behind our success.”
Inter-Pacific Research Sdn Bhd has given SkyWorld a fair value of RM1.03 per share. In addition, three other research houses namely PublicInvest Research, TA Securities Research and RHB Research have valued SkyWorld at RM0.96, RM0.92 and RM0.90 per share respectively.
Skyworld is scheduled to be listed on the Main Market of Bursa Malaysia on July 10.
Kenanga Investment Bank Bhd is the principal adviser, underwriter and placement agent while Newfields Advisors Sdn Bhd is the financial adviser for this IPO exercise.
