Daythree Digital Berhad’s IPO for the public portion has been oversubscribed by 129.20 times valuing the company close to RM1 billion.
A total of 24,053 applications seeking 3.12 billion new shares, valued at RM937.46 million were received from the Malaysian public for 24.00 million new shares that were made available for public subscription.
The Bumiputera public portion of shares was oversubscribed by 112.82 times, after a total of 13,004 applications for 1.37 billion new shares received. For the remaining public portion, a total of 11,049 applications for 1.76 billion new shares were received, which represents an oversubscription rate of 145.59 times.
Meanwhile, the 12.00 million new shares for its eligible Directors and employees of Daythree Digital Group under Pink Form Allocations have also been fully subscribed.
In addition, its Placement Agent has confirmed that 86.40 million shares made available for application by way of private placement to selected investors have been fully placed out.
Mr Raymond Davadass, Managing Director of Daythree Digital, said the Company is delighted to see strong support from retail investors in its shares.
“The subscription amount received reaffirms our position as an innovative and promising player in the GBS industry. We believe this significant interest reflects the market’s recognition of our strong business fundamentals, growth potential, and the value we aim to deliver to our stakeholders.”
“Moving forward, we will utilise our proceeds raised to strengthen our position in the GBS industry as more businesses move towards digitisation and outsourcing to GBS providers. Part of our IPO will be used to recruit industry experts and set up a larger digital transformation team whose role is to continuously enhance our in-house developed digital tools to capture growth opportunities.,” he added.
Under the listing exercise, Daythree Digital is issuing 110.40 million new shares in Daythree Digital at an issue price of RM0.30 per share.
Of the 110.40 million new shares, 24.00 million new shares will be made available to the Malaysian public via balloting; 12.00 million new shares for its eligible Directors and employees of Daythree Digital Group under Pink Form Allocations, while the remaining 74.40 million new shares are earmarked for Private Placement to selected investors.
As part of its listing exercise, the existing shareholders of the Company will also make an Offer for the Sale of 12.00 million existing shares to selected investors by way of Private Placement.
Based on the enlarged share capital of 480.00 million shares, Daythree Digital is expected to have a market capitalisation of RM144.00 million after listing.
All notices of allotment for these shares will be mailed to successful applicants on or before 24 July 2023.
Daythree Digital’s listing on the ACE Market of Bursa Securities is tentatively scheduled on 26 July 2023.
M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.
