Minox Internation has garnered a robust response for its initial public offering exercise, having recorded an oversubscription rate of 143.76 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad.
This represents the fourth-highest oversubscription rate out of the 27 IPOs so far in 2023.
Minox’s listing entails a public issue of 90.0 million new ordinary shares, or 25.0% of its enlarged issued Shares, as well as an offer for sale of 18.0 million existing Shares, or 5.0% of its enlarged issued Shares, to selected investors by way of private placement. The Company is set to raise IPO proceeds of RM22.5 million at an IPO price of RM0.25 per Share.
Tthe company received a total of 15,818 applications for approximately 2.6 billion Shares with a value of approximately RM651.4 million for the 18.0 million Shares allocated to the Malaysian public, representing an overall oversubscription rate of 143.76 times. In the Bumiputera segment, the Company received 8,849 applications for approximately 1.1 billion Shares, reflecting an oversubscription rate of 126.29 times. As for the other Malaysian public category, 6,969 applications were submitted for approximately 1.5 billion Shares, resulting in an oversubscription rate of 161.22 times.
All 10.8 million Shares set aside for application by eligible directors, employees and persons who have contributed to the success of Minox have been fully subscribed.
Concurrently, the private placement of 16.2 million new Shares and 18.0 million existing Shares made available to selected investors have also been fully placed out.
Furthermore, the 45.0 million Shares offered through private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade, and Industry have also been fully placed out.
Managing Director of Minox, Mr. Cheong Chee Son said, “Majority or 57.9% of the proceeds will be utilised towards growing our business. Firstly, we are committed to introducing new vacuum fittings and valves for applications in semiconductor production lines by leveraging our in-house Design & Development team. This is part of our strategy to further penetrate the semiconductor industry. Next, we plan to construct a fourth warehouse in Puchong, Selangor that will provide an additional 18,690 square feet of storage space to accommodate our expanding business. Lastly, we are setting up a new 7,500-square-foot warehouse in Singapore to store our new vacuum fittings and valves for the semiconductor industry, as well as to keep inventories that cater for our customers in Singapore and other overseas markets,” he concluded.
Minox is poised to be listed on the ACE Market of Bursa Securities on Tuesday, 17 October 2023. Upon listing, Minox’s market capitalisation will be RM90 million, based on the issue price of RM0.25 per Share and its enlarged share capital of 360 million Shares.
M & A Securities Sdn Bhd is the Advisor, Sponsor, Underwriter and Placement Agent for Minox’s IPO exercise.
