Ikhmas Jaya IPO oversubscribed 8.16 times

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KUALA LUMPUR (July 10): The initial public offer (IPO) of Ikhmas Jaya Group Bhd, which is en route to list on the Main Market of Bursa Malaysia on July 27, was oversubscribed 8.16 times.

The Malaysian Issuing House Sdn Bhd said a total of 11,434 applications for 238.19 million public issue shares were received from the public for a total of 26 million public issue shares available for public subscription.

The bumiputera category, of which half or 13 million of the public issue shares have been set aside for, were oversubscribed 6.51 times, with a total of 5,564 applications for 97.58 million public issue shares received.
The private placement of 78 million public issue shares to selected investors has also been placed out.
“All notices of allotment for these IPO shares will be mailed to successful applicants on or before July 24,” said the local issuing house in a statement today.
Ikhmas Jaya’s IPO entails a public issue of 126 million new shares, of which 26 million shares were available for application by the public.
Another 26 million shares are reserved for eligible directors, employees and business associates of Ikhmas Jaya Group; and 74 million were available for application by way of private placement to selected investors.