KUALA LUMPUR (April 9): MTT Shipping and Logistics Bhd, a container liner operator, said the retail portion of its initial public offering (IPO) has been oversubscribed by 2.7 times ahead of its listing on the Main Market on April 21.
In a statement on Thursday, the company said it received 10,863 applications for 184.79 million IPO shares from the Malaysian public, representing a total value of RM190.33 million.
Within this, the Bumiputera portion received 3,892 applications for 54.13 million IPO shares after clawback and reallocation, while the other Malaysian portion recorded an oversubscription rate of 4.23 times.
Shares reserved for eligible persons were fully taken up, while those made available by way of private placement to selected investors have been fully placed out, said MTT Shipping.
It added that shares reserved for identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti) were also fully subscribed.
Notices of allotment will be posted to successful applicants on April 17.
MTT Shipping’s IPO involves 633.5 million shares, priced at RM1.03 each. This comprises an institutional offering of 571 million new shares to Malaysian and foreign investors, including Bumiputera investors approved by Miti, and a retail offering of 62.5 million new shares to the company directors, employees, contributors, and the Malaysian public.
The operator of the largest fleet of Malaysian-flagged containerships with a total nominal capacity of 29,149 twenty-foot equivalent units was founded in 2010. The company provides a one-stop logistics solution through its three core segments, which are container liner shipping, vessel chartering and container depot operation.
CIMB Investment Bank Bhd has been appointed as principal adviser, joint global coordinator, joint bookrunner, managing underwriter and joint underwriter for the IPO. Meanwhile, CLSA Ltd and CLSA Securities Malaysia Sdn Bhd are acting as joint global coordinators and bookrunners, alongside Affin Hwang Investment Bank Bhd as joint bookrunner and underwriter.