PETALING JAYA: Ready-to-assemble furniture products designer and manufacturer Spring Art Holdings Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 14.71 times.
It is scheduled to be listed on the ACE Market of Bursa Securities on Nov 8.
A total of 3,751 applications for 326.62 million new shares, valued at RM81.65 million were received from the Malaysian public for 20.78 million new shares that were made available for public subscription.
The 4.16 million new shares for its eligible directors and employees as well as persons who have contributed to the success of Spring Art group had also been fully subscribed.
In addition, 99.76 million shares made available for application by way of private placement to selected bumiputra investors approved by the International Trade and Industry Ministry (Miti) and selected investors have been fully placed out.
Spring Art has raised RM24.42 million from its public issue of 97.69 million new shares at 25 sen per share. As part of its listing exercise, its existing shareholders also made an offer for sale of 27.02 million shares by way of private placement to selected investors.
Of the total IPO proceeds, RM17.55 million (71.9%) will be used to acquire new machinery to set up two additional production lines for its new manufacturing factory namely Factory C. It will further utilise RM3.67 million (15.0%) for general working capital requirements while the remaining RM3.20 million (13.1%) to be used to defray listing expenses for the IPO.
source https://www.thesundaily.my/business/spring-art-s-ipo-oversubscribed-by-14-71-times-CG1558721
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