Eversafe Rubber sees IPO oversubscribed by 65 times

KUCHING: The initial public offering (IPO) of Eversafe Rubber Berhad (Eversafe Rubber) made available for public subscription has been oversubscribed by 65 times.

The IPO exercise comprises 48 million new shares for public issue, whereby 12.5 million issue shares were made available to the Malaysian public, 11.5 million issue shares to the directors, eligible employees and persons who have contributed to the success of Eversafe Rubber, and 24 million issue shares by way of private placement to institutional and selected investors.

Also offer for sale are 30 million existing shares comprising six million offer shares by way of private placement to institutional and selected investors; and 24 million offer shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI).

“A total of 13,194 applications for 824.93 million new shares with a value of RM296,974,944 were received from the Malaysian public for 12.5 million new shares made available for public subscription, which represents an overall oversubscription rate of 64.99 times,” the group said in a statement.

“For the Bumiputera portion, a total of 6,773 applications for 388,191,700 new shares were received which represents an oversubscription rate of 61.11 times.

“For the other Malaysian public portion, a total of 6,421 applications for 436,738,700 new shares were received which represents an oversubscription rate of 68.88 times.”