BCM Alliance IPO shares for public oversubscribed
PETALING JAYA: BCM Alliance Bhd, which is en route to listing on the ACE Market of Bursa Malaysia, has received oversubscription rate of 49.943 times for the public portion of its initial public offering (IPO).
The company said in a statement yesterday that the oversubscription rate of 49.943 times, valued at RM212.94 million was the highest rate for the public category of an IPO in 2016 to date.
A total of 11,094 applications for RM1.12 billion new shares, valued at RM212.94 million were received from the Malaysian public for 22 million new shares that were made available for public subscription.
The 9 million new shares made available for application by eligible directors and employees of BCM Alliance who have contributed to the success of the group had also been fully subscribed.
In addition, the placement agent, M&A Securities Sdn Bhd has confirmed that the 95.37 million shares that were allocated by way of private placement to selected investors had been fully placed out.