KUALA LUMPUR (June 30): Property developer SkyWorld Development Bhd, which is set to be listed on the Main Market of Bursa Malaysia on July 10, saw the 50 million new shares offered to the public oversubscribed by 0.19 times.
The issuing house, Tricor Investor & Issuing House Services Sdn Bhd, said a total of 3,378 applications for 59.5 million shares worth RM47.6 million were received from the public for the 50 million shares offered at 80 sen per share.
Of this, 1,644 applications for 30.7 million shares were received for the Bumiputera portion, representing an oversubscription rate of 0.23 times.
For the remaining public portion, 1,734 applications for 28.7 million shares were received, representing an oversubscription rate of 0.15 times.
Besides the 50 million shares, another 25 million shares were made available to eligible directors and employees of SkyWorld, which Tricor said was fully subscribed.
Also fully subscribed was the institutional offering of 325 million shares, said the issuing house in a statement.
“We look forward to our listing on July 10 and are excited about our growth journey ahead. Our dedication to providing exceptional value, coupled with our unwavering focus on customer satisfaction, will continue to be the driving force behind our success,” said SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing.
Inter-Pacific Research Sdn Bhd has given SkyWorld a fair value of RM1.03 per share, while the property developer was valued by PublicInvest Research at 96 sen, TA Securities Research at 92 sen and RHB Research at 90 sen.