Binasat’s IPO public portion oversubscribed 34.23 times

KUALA LUMPUR: The initial public offering (IPO) for Binasat Communications Bhd, enroute to a listing on Bursa Malaysia’s ACE Market, received an oversubscription rate of 34.23 times for the 13 million shares made available for public subscription.

There were 10,465 applications for 458.02 million new shares received from the public, for a total of 13 million available shares for public subscription.

In a statement yesterday, issuing house, Malaysian Issuing House Sdn Bhd (MIHSB), said the public issue involved 85.98 million shares including the 13 million for the Malaysian public, 13 million for eligible directors and employees and 59.98 million made available by way of private placement.

The firm said Binasat’s offer for sale of 40 million existing shares will also be made available for application by way of private placement to selected investors. Both the issue and offer price is at 46 sen a share.

A total of 6.5 million shares have been set aside for allotment under the Bumiputera category which represents 50 per cent of the shares offered for public subscription.

“A total of 5,946 applications for 199.49 million shares were received for the Bumiputera category which received an over subscription rate of 26.69 times

“For the public category Binasat received 4,519 applications for 258.53 million, an oversubscription rate of 38.77 times. The private placement of 59.98 million shares and offer for sale of 40 million existing shares has been fully placed out to selected investors,” MIHSB said.

It added all notices of allotment for the issue/offer shares will be mailed to successful applicants on or before Jan 5, 2018.

Binasat is scheduled to be listed on the ACE market on Jan 8, 2018. - Bernama