KUALA LUMPUR (Dec 5): TopVision Eye Specialist Bhd (KL:TOPVISN) said its initial public offering (IPO) saw 15.49 million shares — available to the public at 33 sen apiece in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia — oversubscribed by 59 times.
The ambulatory eyecare centre’s IPO comprises a public offering of 54.22 million new shares.
Of the total, 33.93 million shares were allocated to institutional and selected investors by way of bookbuilding, while 20.29 million shares were issued to the Malaysian public and eligible persons.
TopVision said it has received 16,671 applications for 924.76 million shares, worth RM305.17 million from the Malaysian public, reflecting an overall oversubscription rate of 58.69 times, against the public portion of 15.49 million shares.
Within the public portion is the allocation of approximately 7.75 million shares reserved for Bumiputera balloting. For this, TopVision said it received 8,210 applications for 381.75 million shares, resulting in an oversubscription rate of 48.28 times.
For the remaining public portion, it received 8,461 applications for 543 million shares, which equates to an oversubscription rate of 69.1 times.
Additionally, the 4.8 million shares allocated to eligible directors, employees and individuals who have contributed to the company’s success, were also fully subscribed, the statement added.
As for the 33.93 million institutional offering, the company said that its bookrunner has confirmed that the offerings have received interests from institutional and selected investors.
Based on the 54.22 million new shares issued, TopVision is expected to raise approximately RM17.89 million from the IPO. The proceeds will be used for the establishment of the TopVision International Eye Specialist Centre in the Klang Valley and to expand its ambulatory care centre network.
TopVision is scheduled to be listed on the ACE Market on Dec 16, with an estimated market capitalisation of RM102.24 million.