KUALA LUMPUR (Dec 8): Rhone Ma Holdings Bhd’s initial public offering (IPO) shares available for application by Malaysians have been oversubscribed by 22.46 times.

In a filing with Bursa Malaysia today, Tricor Investor & Issuing House Services Sdn Bhd said a total of 6,784 applications for 194.75 million Rhone Ma shares (with a value of RM146.06 million) were received for the 8.3 million shares available for public subscription.

For the bumiputera portion, 3,532 applications for 79.05 million shares were received, representing an oversubscription rate of 18.05 times. For the public portion, a total of 3,252 applications for 115.7 million shares were received, representing an oversubscription rate of 26.88 times.

Rhone Ma’s offer of 7.82 million shares to its employees, directors and business associates which have contributed to the company’s success have been fully taken up.

In addition, 16.6 million new shares to selected bumiputera investors approved by the Ministry of International Trade and Industry and its private placement of 9.4 million shares to selected investors have been fully placed out.

The notices of allotment will be dispatched to all successful applicants on or before Dec 16, Tricor said.

Rhone Ma is issuing 42.12 million shares of 50 sen each at an offer price of 75 sen each.

Rhone Ma, an end-to-end animal health solution services provider, intends to raise RM31.59 million through its IPO, of which RM24.5 million has been allocated for capital expenditure, RM2 million for working capital and the remaining RM5 million for listing expenses.