Inari IPO oversubscribed 10.42 times

KUALA LUMPUR: Inari Bhd’s initial public offering has been oversubscribed by 10.42 times after the company received 6.308 applications for 114.2 million shares with a total value of RM43.4 million for its public tranche of 10 million shares.

Inari, which is an electronic manufacturing services (EMS) provider, is scheduled to list on the ACE Market of Bursa Malaysia on July 19.

In a statement Monday, July 11, its managing director Dr Tan Seng Chuan said the oversubscription indicated investors’ confidence in its track record in the global EMS industry, as well as the potential growth prospects in the smart mobile device industry.

“Inari stands in good position to ride the global wave for smart mobile devices.

“Our upcoming listing on the ACE Market of Bursa Malaysia is crucial for our expansion in production capacity to fulfil customers’ demand in the future,” said Dr Tan.

Inari is issuing 83 million new ordinary shares, of which 10 million are available to the Malaysian public via balloting, 10.4 million shares for eligible directors, employees and business associates of the group and its subsidiaries, 26.1 million shares for private placement to selected investors, and 36.5 million shares for approved Bumiputera.

At an issue price of 38 sen per share, Inari plans to raise RM31.54 million in proceeds from the IPO.