KUALA LUMPUR: MST Golf Group Bhd
, which is en route to list on Bursa Malaysia’s Main Market on July 20, 2023, saw its initial public offering (IPO) oversubscribed by 5.28 times.
The golf retail and service provider’s IPO involved 228 million shares, comprising a public issue of 160 million new shares and 68 million existing shares, at an issue price of 81 sen apiece.
In a filing with Bursa Malaysia today, Malaysian Issuing House Sdn Bhd said the institutional offering of up to 178.60 million shares comprising of 110.60 million shares and 68.0 million offer shares was subscribed by 6.39 times.
"The institutional offering received an overwhelming demand of approximately RM924 million after receiving significant interest from institutional and selected investors,” it said.
Meanwhile, of the 41.50 million IPO shares made available to the Malaysian public, the company received 2,603 applications for nearly 62.73 million shares with a value of about RM50.81 million, representing an overall subscription rate of 1.51 times.
For the Bumiputera portion, mst Golf had received 1,316 applications for 15.47 million shares, representing a subscription rate of 0.75 times, while 1,287 applications for 47.25 million shares were received under the other Malaysian public portion, representing a subscription rate of 2.28 times.
"In addition, the 7.90 million shares made available for application by eligible persons were fully subscribed,” it said.
RHB Investment Bank Bhd is the principal adviser, sole underwriter and sole placement agent for the IPO exercise. - Bernama
