KUALA LUMPUR (Nov 21): The retail tranche of Foodie Media Bhd’s initial public offering (IPO) has been oversubscribed by 24.63 times, the issuing house announced on Friday.
A total of 10,470 applications for 1.14 billion shares were submitted for the 44.4 million shares offered to the Malaysian public, said Malaysian Issuing House Sdn Bhd in a statement.
The Bumiputera portion was oversubscribed by 13.09 times, while the remaining public portion saw 36.18 times demand.
Shares reserved for eligible directors, employees and contributors to the group were fully subscribed.
Maybank Investment Bank Bhd, the principal adviser, placement agent and underwriter, also confirmed that all 78.6 million public issue shares and 112 million offer-for-sale shares placed out to institutional and selected investors were fully taken up.
The notices of allotment will be mailed to successful applicants by Nov 27, said Malaysian Issuing House. Applications for the IPO closed on Nov 19, with the company set to debut on the ACE Market on Nov 28.
Foodie Media, best known for its KL Foodie social media brands, is seeking to raise RM41.4 million from the IPO, while existing shareholders will receive RM33.6 million from the offer for sale.
The company, which commands 46 million social media followers, previously said the IPO proceeds will mainly support hiring, the purchase of a new building, live-streaming facilities and social media management tools.
Foodie Media operates 34 lifestyle-focused brands in Southeast Asia, including KL Foodie, Penang Foodie, Bangkok Foodie, Halal Foodie, Malaysia Homie, Car Buddie and Techie.
It posted a net profit of RM7.45 million on revenue of RM23.95 million for its financial year ended Aug 31, 2024.