SINGAPORE: The retail offering for the initial public offering (IPO) of Malaysia’s top mini-market chain 99 Speed Mart Retail Holdings has been oversubscribed by 3.04 times, the issue’s manager says.
The company is offering up to RM2.36bil worth of shares, out of which RM346.5mil was earmarked for retail investors, all priced at RM1.65 apiece, Malaysian Issuing House said in a statement.
Malaysian Issuing House manages IPO applications, share registration, IPO subscriptions and IPO administration as well as other types of capital raising exercises in the country, according to its website.
The institutional offering comprising of 1.22 billion shares offered to Malaysian institutional and selected investors have been fully taken up, Malaysian Issuing House said.
99 Speed Mart, founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, launched the IPO, the country’s biggest listing in seven years, on Aug 15. — Reuters
