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NewsXin Hwa IPO oversubscribed 18.74 times
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Xin Hwa IPO oversubscribed 18.74 times
by Cals Tue 23 Jun 2015, 02:00
Xin Hwa IPO oversubscribed 18.74 times
KUALA LUMPUR (June 22): Xin Hwa Holdings Bhd, en route to list on the Main Market of Bursa Malaysia on June 30, 2015, saw its initial public offering (IPO) oversubscribed by 18.74 times.
In a statement today, the Johor-based integrated logistics service provider said it received a total of 8,314 applications for 177.68 million IPO shares with a value of RM124.38 million.
A total of 4,624 applications for 84.41 million shares were received under the bumiputera category, representing an oversubscription rate of 17.76 times, while 3,690 applications for 93.27 million shares were received in the public tranche, representing an oversubscription rate of 19.73 times.
Xin Hwa IPO will raise RM26.45 million in proceeds, of which predominantly will be predominantly utilised for business expansion which includes the construction of a 220,000 sq ft warehouse in Pasir Gudang, Johor and acquisition of prime movers and trailers.
The new warehouse is expected to commence operations in the third quarter of 2015 and the acquisition of vehicles will be done in stages over the next 24 months.
KUALA LUMPUR (June 22): Xin Hwa Holdings Bhd, en route to list on the Main Market of Bursa Malaysia on June 30, 2015, saw its initial public offering (IPO) oversubscribed by 18.74 times.
In a statement today, the Johor-based integrated logistics service provider said it received a total of 8,314 applications for 177.68 million IPO shares with a value of RM124.38 million.
A total of 4,624 applications for 84.41 million shares were received under the bumiputera category, representing an oversubscription rate of 17.76 times, while 3,690 applications for 93.27 million shares were received in the public tranche, representing an oversubscription rate of 19.73 times.
Xin Hwa IPO will raise RM26.45 million in proceeds, of which predominantly will be predominantly utilised for business expansion which includes the construction of a 220,000 sq ft warehouse in Pasir Gudang, Johor and acquisition of prime movers and trailers.
The new warehouse is expected to commence operations in the third quarter of 2015 and the acquisition of vehicles will be done in stages over the next 24 months.
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