SINGAPORE (Reuters) – The retail offering for the initial public offering (IPO) of Malaysia’s top mini-market chain 99 Speed Mart Retail Holdings has been oversubscribed by 3.04 times, the issue’s manager said on Thursday.
The company is offering up to 2.36 billion ringgit ($546.04 million) worth of shares, out of 346.5 million ringgit was earmarked for retail investors, all priced at 1.65 ringgit ($0.3818) apiece, Malaysian Issuing House said in a statement.
Malaysian Issuing House manages IPO applications, share registration, IPO subscriptions and IPO administration as well as other types of capital raising exercises in the country, according to its website.
The institutional offering comprising of 1.22 billion shares offered to Malaysian institutional and selected investors have been fully taken up, Malaysian Issuing House said.
99 Speed Mart, founded by entrepreneur Lee Thiam Wah in 1987 as a traditional sundry store, launched the IPO, the country’s biggest listing in seven years, on Aug. 15.
($1 = 4.3220 ringgit)
(Reporting by Rozanna Latiff and Yantoultra Ngui; Editing by Tomasz Janowski)
