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7-Eleven IPO oversubscribed by 4.8 times

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7-Eleven IPO oversubscribed by 4.8 times Empty 7-Eleven IPO oversubscribed by 4.8 times

Post by Cals Wed 21 May 2014, 01:54

7-Eleven IPO oversubscribed by 4.8 times
Business & Markets 2014
Written by Bernama   
Tuesday, 20 May 2014 19:07

KUALA LUMPUR (May 20): Convenience store operator 7-Eleven Malaysia Holdings Bhd says its initial public offering (IPO) for retail investors has been oversubscribed and the balloting of successful applications was conducted this afternoon.

A total of 12,761 applications for 195.8 million issue shares were received from the local public, representing an oversubscription of 4.8 times, it said in a statement today.

A total of 3,786 applications for 52.2 million issue shares were received under the Bumiputera category, marking an oversubscription of 2.1 times.

There were 8,975 applications received for 143.6 million issue shares under the non-Bumiputera category, for an oversubscription of 7.4 times.
Based on RM1.38 per share, 7-Eleven's IPO will raise about RM732 million, making it the largest, launched in Malaysia this year, to date.

A major portion of the proceeds from the IPO would be used to open new convenience stores and refurbish existing ones.
This is the third attempt by Berjaya Group, the parent company, to list the convenience store unit. The previous occasions were in 2001 and 2010.
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