KUALA LUMPUR (March 1): Integrated building material supplier Chin Hin Group Bhd announced that its initial public offering (IPO) has been oversubscribed by 8.74 times.

In a statement today, Chin Hin said a total of 7,767 applications for 246.3 million new shares with value of RM160.1 million were received from the Malaysian public for 25.29 million new shares.

Chin Hin's IPO involved a public issue of 63.2 million new shares at an issue price of 65 sen.

The public issue consisted of 25.29 million shares for application by Malaysian public, 6.4 million by eligible directors and employees, and 31.5 million by placement to identified investors.

The 6.4 million new shares available for application by the directors and eligible employees of Chin Hin have been fully subscribed.

Meanwhile, Chin Hin also made sales offer of 65 million existing shares, of which 14.41 million shares were by way of placement to identified investors, and 50.59 million shares by way of placement to Bumiputera investors approved by the Ministry of International Trade and Industry.

For the Bumiputera portion, the group said a total of 3,138 applications for 84.56 million new shares were received, which represents an oversubscription rate of 5.69 times.

In addition, Chin Hin revealed that the placement agent has confirmed that the new and existing shares that were allocated for identified investors have been fully placed out.

The group said the notices of allotment will be dispatched to all successful applicants on or before March 7, 2016.