99 Speed Mart's IPO Oversubscribed 3.04 Times 

KUALA LUMPUR, Aug 29 (Bernama) -- 99 Speed Mart Retail Holdings Bhd’s initial public offering (IPO) has received a favourable response with 49,354 applications for 678.59 million IPO shares allocated for the public portion received, resulting in an overall oversubscription rate of 3.04 times. 

At the same time, a total of 3,731 applications were received for 45.37 million IPO shares for the bumiputera portion, representing a subscription rate of 0.54 times where the balance has been re-allocated to the non-bumiputera investors.

"For the non-bumiputera portion, 45,623 applications for 633.21 million IPO shares were received, representing an oversubscription rate of 6.54 times," it said in a statement today, adding that the 42 million IPO shares available for application by eligible persons were fully subscribed. 

The mini-market retail chain’s listing on Bursa Malaysia’s Main Market on Sept 9, 2024, with an IPO of up to 1.42 billion shares, would make it Malaysia’s largest IPO offering in seven years.

According to 99 Speed Mart, up to 1.21 billion shares were earmarked for Malaysian institutional and selected investors, including bumiputera investors approved by the Ministry of Investment, Trade and Industry.

It includes a retail offering of 210 million issue shares to the directors and eligible employees of 99 Holdings and its subsidiaries, persons who have contributed to the success of the group and the Malaysian public.

It added that the institutional price has been fixed at RM1.65 per IPO share.

-- BERNAMA