Inta Bina IPO’s public portion oversubscribed by 42.74 times

KUALA LUMPUR (May 18): Inta Bina Group Bhd, en route to be listed on the ACE Market of Bursa Malaysia on May 25, saw the public portion of its initial public offering (IPO) oversubscribed by 42.74 times.

In a statement yesterday, the building contractor said a total of 12,574 applications for 1.17 billion new shares valued at RM292.64 million were received from the Malaysian public for 26.76 million new shares that were made available for public subscription.

It said 20.01 million new shares available for application by eligible directors and employees of the group have also been fully subscribed.

In addition, the placement agent has confirmed that 53.53 million new shares that were allocated to selected bumiputera investors approved by the ministry of international trade and industry, and 6.75 million new shares made available for private placement to identified investors, had been fully placed out.

Inta Bina said all notices of allotment for these shares will be mailed to successful applicants on or before May 24.

“We are certainly encouraged by the overwhelming response, which is testimony to the public’s confidence in the inherent strengths of Inta Bina Group,” Inta Bina managing director Paul Lim Ooi Joo said.

Inta Bina’s IPO involves an offering of 107.05 million new shares at an issue price of 25 sen per share, as well as an offer for sale of 26.76 million shares.

To date, Inta Bina has completed more than 110 building construction projects mainly in the Klang Valley and Johor, with a total contract value of more than RM2 billion.

This article first appeared in The Edge Financial Daily, on May 18, 2017.

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