Main market bound, SkyWorld Development Berhad announced that the public portion of its initial public offering has been oversubscribed.
The group’s IPO involves a public issue of 208,000,000 new shares and an offer for sale of 192,000,000 existing shares at RM0.80 per share.
The Company received a total of 3,378 applications for 59,488,900 shares from the Malaysian public over 6 working days for the 50,000,000 public issue shares made available for application by the Malaysian public, representing an overall subscription rate of 1.19 times. Of this, a total of 1,644 applications for 30,783,300 shares were received for the Bumiputera portion, representing a subscription rate of 1.23 times. For the remaining Malaysian public portion, a total of 1,734 applications for 28,705,600 shares were received, representing a subscription rate of 1.15 times.
The 25,000,000 public issue shares made available for application by eligible directors, key senior management, employees and persons who have contributed to the success of the Company and the Institutional Offering were also fully subscribed.
SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing said, “I would like to express my deepest gratitude to all our investors for their trust and confidence in SkyWorld. We look forward to our listing on 10th July and are excited of our growth journey ahead. Our dedication to providing exceptional value, coupled with our unwavering focus on customer satisfaction, will continue to be the driving force behind our success.”
In conjunction with the IPO, Inter-Pacific Research Sdn. Bhd. has issued an IPO note which gave SkyWorld a fair value of RM1.03 per share. In addition, three other research houses namely PublicInvest Research, TA Securities Research, and RHB Research have valued SkyWorld at RM0.96, RM0.92 and RM0.90 per share respectively.
SkyWorld is expected to be listed on the Main Market of Bursa Malaysia Securities Berhad on 10 July 2023. Kenanga Investment Bank Berhad is the principal adviser, underwriter, and placement agent while Newfields Advisors Sdn. Bhd. is the financial adviser for this IPO exercise.
