KUALA LUMPUR: Revenue Group Bhd, to be listed on Bursa Malaysia’s ACE Market on July 18, saw the public portion of its initial public offering (IPO) oversubscribed by 11.22 times.
In a statement yesterday, the cashless payment solution provider said 3,699 applications for 136.21 million new shares, valued at RM50.4 million, were received for 11.14 million new shares that were made available for public subscription. The 11.14 million new shares for application by eligible directors and employees had also been fully subscribed to, it added, while 16.71 million new shares earmarked for identified investors were fully placed out.
Revenue is raising RM20.61 million from its public issue of 55.71 million new shares at an issue price of 37 sen per share, of which 11.14 million new shares were made available to the Malaysian public via balloting. Existing shareholders of the company also made an offer for sale of 16.71 million shares by way of private placement.
Of the IPO proceeds, RM8.1 million (39.3%) will be allocated for capital expenditure to buy 9,000 units of digital electronic data capture terminals and RM4.04 million (19.6%) will be used to upgrade its revPAY platform and recruit additional IT personnel.