KUALA LUMPUR: Fresh vegetables wholesaler and distributor Farm Price Holdings Bhd, which is scheduled for a listing on the ACE Market of Bursa Malaysia on May 14, has seen its initial public offering (IPO) oversubscribed by more than 91 times.
The IPO comprises 450 million shares, featuring a public issue of 102 million new shares at 24 sen per share.
A total of 16,647 applications for 2.07 billion shares with a value of RM498.66 million were received from the Malaysian public, representing an overall oversubscription rate of 91.35 times.
Farm Price engages in wholesaling and distributing fresh vegetables, alongside operating a retail outlet that offers a variety of fresh produce, food and beverage items, as well as other grocery essentials, catering directly to consumers.
For the Bumiputera portion, a total of 9,895 applications for 1.03 billion shares were received, representing an oversubscription rate of 90.61 times.
As for the public portion, a total of 6,752 applications for 1.04 billion shares were received, representing an oversubscription rate of 92.08 times.
The 11.25 million shares available for application by eligible directors and employees, as well as persons who have contributed to the success of the company, have been fully subscribed.
The private placement of 68.25 million shares and 33 million offer shares made available for application by way of private placement to selected investors have also been fully placed out.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
