This article first appeared in The Edge Financial Daily on May 8, 2019

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

In a statement yesterday, the poultry producer said the institutional and final retail prices have 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 bumiputeras.

The group also offered 73 million issued shares to the Malaysian public, of which 36.5 million are set aside for bumiputera individuals. Another 25 million issued shares are reserved for the group’s directors and eligible employees.

“A total of 14,841 applications for 339.07 million issued shares with a value of RM372.98 million were received from the Malaysian public for 73 million issued shares, representing an overall oversubscription 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, an oversubscription 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, an oversubscription of 6.9 times.

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