Topmix Berhad which is slated for listing on the ACE Market this month saw its initial public offering oversubscribed by 58.61 times.
The Group’s listing involves a public issuance of 82,709,000 new ordinary shares, representing 21.0% of its enlarged share capital, as well as an offer for sale of 19,693,000 existing shares, or 5.0% of its enlarged share capital by way of private placement to selected investors. Topmix is set to raise IPO proceeds of RM25.6 million at an IPO price of RM0.31 per Share.
Topmix said it had received a total of 12,438 applications for 1,173,893,100 Shares with a value of approximately RM363.9 million for the 19,693,000 Shares allocated to the Malaysian public, representing an overall oversubscription rate of 58.61 times. For the Bumiputera portion, the Group received 7,108 applications for 520,482,700 Shares, reflecting an oversubscription rate of 51.86 times. As for the other Malaysian public category, 5,330 applications were submitted for 653,410,400 Shares, resulting in an oversubscription rate of 65.36 times.
The 7,877,000 Shares available for application by the eligible directors, employees and persons who have contributed to the success of Topmix have been fully subscribed.
Furthermore, the 55,139,000 Shares offered through private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”) and selected investors, as well as the 19,693,000 Offer Shares made available by way of private placement to selected investors have also been fully placed out.
Notices of allotment will be dispatched to all successful applicants on 18 April 2024.
The company will list on 23 April 2024. With an IPO price of RM0.31 per share and an enlarged issued share capital of 393.9 million shares, the Group’s market capitalisation upon listing is estimated to be approximately RM122.1 million.
M & A Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
