KUALA LUMPUR: The public portion of Johor Plantations Group Bhd's initial public offering (IPO), comprising 50 million IPO shares, has been oversubscribed 2.18 times.
In a statement, the issuing house noted that a total of 9,555 applications were made for 159.01 million IPO shares, representing more than twice the number of allotted shares for the Malaysian public.
A total of 3,184 applications for 39.28 million IPO Shares were received for the Bumiputera portion, representing an oversubscription rate of 0.57 times.
For the non-Bumiputera portion, a total of 6,371 applications for 119.73 million IPO Shares were received, representing an oversubscription rate of 3.79 times.
In addition, the 27.5 million IPO shares made available for application by eligible directors, employees and persons who contributed to the success of the group have been fully subscribed.
For the institutional offering, the joint global coordinators and joint bookrunners confirmed that the 312.5 million IPO shares offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, as well as 485 million IPO Shares offered to Malaysian and foreign institutional and selected investors have been fully placed out.
"A total of seven cornerstone investors have subscribed for an aggregate of 325.4 million IPO Shares or approximately 40.8% of the institutional offering, while the remaining IPO shares available for book-building received an overwhelming demand from Malaysian and foreign institutional and selected investors representing an oversubscription rate of 4.19 times."
The notices of allotment will be mailed to all successful applicants by July 4, 2024.
"As the final retail price equals to the retail price of 84 sen per IPO share, there will be no refund to be made to the successful applicant under the retail offering," said the issuing agency.
Johor Plantations is scheduled to be listed on the Main Market of Bursa Malaysia on July 9, 2024, with an enlarged share capital of 2.5 billion shares at 84 sen each, giving it a market capitalisation of RM2.1bil.
