KUALA LUMPUR (July 12): Radiant Globaltech Bhd, en route to list on the ACE Market of Bursa Malaysia on July 24, saw the public portion of its initial public offering (IPO) oversubscribed by 6.7 times.
In a statement today, the retail technology solutions provider said 2,193 applications for 84.99 million shares, valued at RM19.5 million, were received for 11 million new shares that were made available for public subscription.
"Going forward, we intend to continue to focus on our retail hardware business, while aggressively pursuing growth in our retail software business, with near term focus on Indonesian market," Radiant managing director Paul Yap Ban Foo said in a statement today.
Under the listing exercise, Radiant is raising RM29.5 million at an issue price of 23 sen per share from its public issue of 128.08 millin new shares, of which 11 million new shares were made available to the Malaysian public.
Of the total IPO proceeds, RM14.6 million will be allocated for business and capital expansion, while RM4.8 million will be used for working capital. The balance RM6.6 million will be used to repay bank borrowings and RM3.5 million for listing expenses.
The group's client base range from departmental stores and hypermarkets to retail chains and convenience stores, including Giant, Cold Storage, Aeon Big, Parkson, Watsons, Guardian and 99 Speedmart.
Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.