L&P Global Berhad which was formerly known as Berjayapak International Holdings received a positive response from the market on its impending IPO on the ACE Market. The company has informed us that its shares have been oversubscribed by 36.14 times ahead of its listing.
The company’s public issue of 113,000,000 new ordinary shares will be priced at RM0.30 per share, representing approximately 20.2% of its enlarged share capital. The IPO proceeds is expected to be RM33.9 million. In addition, there is also an offer for the sale of 33,800,000 existing shares, representing 6.0% of the enlarged shares by way of the private placement to selected investors.
The Group has received a total of 11,740 applications for 891,331,400 shares with a value of approximately RM267.40 million for the 24,000,000 shares allocated to the Malaysian public, representing an oversubscription rate of 36.14 times.
The 13,000,000 Shares available for application by the eligible directors and employees, as well as persons who have contributed to the success of the Group, have been fully subscribed.
Meanwhile, the private placement of 6,000,000 Shares and 33,800,000 Offer Shares available to selected investors have also been fully placed out.
In addition, 70,000,000 Shares made available by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry, Malaysia (‘MITI”) have been fully subscribed.
Notices of allotment will be posted to all successful applicants on or before 3 Jan 2023.
Executive Director-cum-Chief Executive Officer of L&P, Miss Ooi Lay Pheng “In view of the escalating US-China trade tension that has resulted in MNCs relocating their manufacturing facilities to the Southeast Asia region, the listing comes at an opportune time as we are poised to expand and strengthen our market presence domestically and also regionally to Singapore. Leveraging on our in-house manufacturing capabilities that meet international standards, we stand to benefit from the scaling up of our operations and production output to meet the rising demand for industrial packaging products,” Miss Ooi added.
L&P is scheduled to be listed on the ACE Market of Bursa Securities on 3 January 2023. Upon listing, L&P will have a market capitalisation of RM168 million based on the issue price of RM0.30 per share and its enlarged share capital of 560,000,000 shares.
Alliance Islamic Bank Berhad as the Principal Adviser, Sponsor, and Sole Underwriter for the IPO exercise. Alliance Islamic Bank Berhad and Affin Hwang Investment Bank Berhad are the Joint Placement Agents.
