Zantat managing director Ivan Chan Bin Iuan
KUALA LUMPUR: The public portion of Zantat Holdings Bhd's initial public offering (IPO) has been oversubscribed 130.15 times, the company said in a statement today.
The company said a total of 13,755 application seeking 1.84 billion new shares with a value of RM459.01mil were received from the Malaysian public for 14 million new shares available for public subscription.
The Bumiputera public portion of shares was oversubscribed by 137.99 times, after a total of 8,151 applications for 972.94 million new shares received.
For the non-Bumiputera public portion, a total of 5,604 applications for 863.11 million new shares were received, which represents an oversubscription rate of 122.3 times.
Meanwhile, the 11.2 million new shares for its eligible directors, employees and persons who have contributed to the success of Zantat Group have also been fully subscribed.
In addition, its placement agent has confirmed that 47.6 million shares made available for application by way of private placement to selected investors have been fully placed out.
"With the IPO funds in place, the company is well-positioned to implement its expansion plans and capitalise on the growth opportunities in the calcium carbonate and biodegradable products industries," said managing director Ivan Chan.
The high grade calcium carbonate powder producer, which is scheduled to list on the ACE Market of Bursa Malaysia on March 27, 2024, has plans to raise Rm14mil from its IPO for to expand its business and capitalise on growth opportunities.
Under the listing exercise, Zantat is issuing 56.0 million new shares, representing 20.0% of the enlarged share capital at an issue price of RM0.25 per share.
As part of its listing exercise, the existing shareholders of the company will also make an offer for sale of 16.8 million existing shares to selected investors by way of private placement.
Based on the enlarged share capital of 280 million shares, Zantat is expected to have a market capitalisation of RM70mil after listing.
All notices of allotment for the shares will be mailed to successful applicants on or before March 25, 2024.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
