Friday 29 Mar 2024
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KUALA LUMPUR (May 3): Tri-Mode System (M) Bhd, en route to a listing on the ACE Market of Bursa Malaysia on May 11, saw the public portion of its initial public offering (IPO) oversubscribed by 3.74 times.

In a filing with Bursa Malaysia today, Tri-Mode said 1,252 applications for 39.33 million new shares, valued at RM23.99 million, were received for 8.3 million new shares that were made available for public subscription.

The 4.2 million new shares available for application by eligible persons have also been fully subscribed, it added.

In addition, the 30.71 million shares under the institutional offering have been oversubscribed.

Under the listing exercise, Tri-Mode is raising RM26.4 million from its public issue of 43.21 million new shares at 61 sen per share.

Of the total IPO proceeds, RM15.5 million or 58.8% will be allocated for business expansion, specifically the construction of proposed headquarters and distribution hub, as well as the purchase of prime movers and trailers over the next 30 months.

It will further use 19% of the proceeds to repay bank borrowings, 8.9% for working capital, and the remaining 13.3% for listing expenses.

 

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