Leong Hup’s IPO oversubscribed 3.64 times

Leong Hup’s IPO oversubscribed 3.64 times
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KUALA LUMPUR (May 7): Leong Hup International Bhd’s initial public offering (IPO) of 937.5 million shares has been oversubscribed by 3.64 times.

In a statement today, the poultry producer said the institutional price and final retail price has been fixed at RM1.10 per share.

The IPO comprises an institutional offering of 839.5 million shares to Malaysian and foreign institutional and selected investors, including Bumiputera investors.

The group also offered 73 million issue shares to the Malaysian public of which 36.5 million have been set aside for Bumiputera individuals. Another 25 million issue shares have been reserved for the group’s directors and eligible employees.

“A total of 14,841 applications for 339.07 million issue shares with a value of RM372.98 million were received from the Malaysian public for 73 million issue shares, which represents an overall oversubscription rate of 3.64 times,” the group said.

For the Bumiputera category, 2,330 applications for 50.57 million shares with a value of RM55.64 million were received, which represents an oversubscription rate of 0.39 times.

For the non-Bumiputera category, 12,511 applications for 288.49 million shares with a value of RM317.34 million were received, which represents an oversubscription rate of 6.9 times.

Maybank Investment Bank Bhd was the principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO.