KUALA LUMPUR: HI Mobility Bhd’s initial public offering (IPO) has been oversubscribed by 6.57 times, ahead of its Main Market of Bursa Malaysia Securities Bhd’s listing.
The bus service provider said it received 4,010 applications for 75.73 million issue shares valued at RM92.4mil from the Malaysian public, resulting in an overall oversubscription rate of 6.57 times.
A total of 1,519 applications were received for 20.14 million issue shares under the Bumiputera portion, resulting in an oversubscription rate of 3.03 times.
Meanwhile, 2,491 applications were submitted for 55.60 million issue shares under the other Malaysian public portion, with an oversubscription rate of 10.12 times.
Additionally, all five million issue shares allocated to eligible employees and contributors to HI Mobility and its subsidiary have been fully subscribed.
Maybank Investment Bank Bhd, is the principal adviser, sole placement agent and sole underwriter for the IPO.
The placement agent confirmed that all 47.5 million issue shares allocated for private placement to MITI-approved Bumiputera investors, along with 35 million offer shares and 32.5 million issue shares placed with institutional and selected investors, have been fully taken up after applying the relevant clawback and reallocation provisions outlined in HI Mobility’s prospectus dated March 7.
