Jati Tinggi Group Berhad an infrastructure utilities company has seen its initial public offering for the Malaysian public has been oversubscribed by 16.11 times.
The Ace Market bound company aims to raise RM18.04 million through the issuance of 66.80 million new shares priced at RM0.27 per share. The capital to be raised will be allocated to support the Group’s growth, enhance operational capacities, and strengthen its financial position.
Jati Tinggi’s IPO involves the issuance of 66,800,000 new ordinary shares in Jati Tinggi (“Public Issue Shares”) and an offer for sale of 35,000,000 existing ordinary shares by way of private placement to selected Bumiputera investors approved by MITI.
The Company received a total of 5,195 applications for 335,377,600 Public Issue Shares worth RM90,551,952.00 from the Malaysian public, representing an overall oversubscription rate of 16.11 times. For the Bumiputera portion, 2,879 applications for 145,127,600 Public Issue Shares were received, representing an oversubscription rate of 13.81 times, while for the remaining Malaysian public portion, 2,316 applications for 190,250,000 Public Issue Shares were received, representing an oversubscription rate of 18.41 times.
The 10,000,000 Public Issue Shares made available for application by the Eligible Parties have been fully subscribed.
TA Securities Holdings Berhad, the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO.
