By DayakDaily Team
KUCHING, Nov 19: Supreme Consolidated Resources Berhad (SCRB) announced that the public portion for 8.6 million initial public offering (IPO) shares made available for the public was oversubscribed by 349.42 times.
The Kuching-based frozen food distributor offered a total of 70 million new shares, which include 8.6 shares allocated to the public, 7.65 million shares eligible for directors, senior management, employees and business associates, and 53.75 million shares for private placement to Bumiputera investors approved by the Ministry of Investment, Trade, and Industry.
The IPO for the public portions are offered at 25 sen per share.
As part of its listing transfer from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad, SCRB is scheduled to be listed on the ACE Market on Nov 29 with an estimated market capitalization of RM107.5 million.
Its placement agent, Kenanga Investment Bank Bhd in a statement said it received a total of 23,955 applications for 3.01 billion IPO shares with a value of RM750.40 million from the public.
It added a total of 11,984 applications for 1.37 billion IPO shares were received for the Bumiputera portion representing an oversubscription rate of 317.38 times.
For the remaining public portion, a total of 11,971 applications for 1.64 billion IPO shares were received, representing an oversubscription rate of 381.46 times.
Based on 80 million new shares issued, SCRB is estimated to have raised RM17.5 million from the IPO.
SCRB said it has allocated RM11 million from the IPO exercise for the expansion of the warehouse facility, RM4 million for working capital and RM2.5 million for listing fees.
Kenanga Investment Bank Berhad is the principal adviser, underwriter, placement agent and sponsor for SCRB’s IPO shares. — DayakDaily
