Malaysia’s first listed Islamic business trust, Prolintas Infra Business Trust initial public offering, which is set to be listed on the Main Market of Bursa Malaysia Securities Berhad on March 25, has its public tranche oversubscribed by 3.59 times.
The group received a total of 7,211 applications for 126,172,600 units, with a total value of RM119.9 million, versus 27,500,000 units made available for application by the Malaysian public, according to a statement recorded by Malaysian Issuing House Sdn Bhd.
For the Bumiputera portion, a total of 2,881 applications for 32,344,900 units were received, representing an oversubscription rate of 1.35 times, while 4,330 applications for 93,827,700 units were received under the other Malaysian public portion, representing an oversubscription rate of 5.82 times.
Meanwhile, the institutional offering which comprises 422,949,000 units made available to institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) have been fully subscribed.
Dato’ Mohammad Azlan Abdullah, Group Chief Executive Officer of Projek Lintasan Kota Holdings Sdn Bhd expressed, “We are proud of the exceptional subscription response achieved by Malaysia’s first listed business trust, Prolintas Infra BT’s IPO, which reflects confidence in our business model and growth prospects. We are deeply humbled by the trust placed in us and remain committed to delivering strong returns and value to our unitholders.”
The eight cornerstone investors secured for the IPO, including Permodalan Nasional Berhad, AHAM Asset Management Berhad, AIIMAN Asset Management Sdn Bhd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd, Maybank Islamic Asset Management Sdn Bhd, Kenanga Investors Berhad, and Kenanga Islamic Investors Berhad, had collectively subscribed for 70.9% of the institutional offering. The remaining units available from institutional offering, including the over-allotment option, have received overwhelming demand from investors. It comprises mostly long-term institutional investors, with an oversubscription rate of approximately 1.5 times.
AmInvestment Bank Berhad is the Principal Adviser, Lead Bookrunner, Joint Bookrunner, Managing Underwriter and Joint Underwriter for the IPO. CIMB Investment Bank Berhad and Maybank Investment Bank Berhad are Joint Bookrunners and Joint Underwriters for the IPO, while RHB Investment Bank Berhad is the Joint Underwriter for the IPO.
