KUALA LUMPUR (Nov 10): Big Caring Group Bhd's initial public offering (IPO) was oversubscribed by 4.31 times under the Malaysian public portion, ahead of the pharmacy chain operator's listing on Bursa Malaysia's Main Market.
The public tranche, comprising 147.64 million shares, received 29,474 applications for 783.75 million shares, according to a statement issued by Malaysian Issuing House Sdn Bhd on Tuesday.
The Bumiputera portion, comprising 73.82 million shares, received 7,266 applications for 142.85 million shares, representing an oversubscription rate of 0.94 times.
The other Malaysian public portion, comprising the same number of shares, received 22,208 applications for 640.9 million shares, representing an oversubscription rate of 7.68 times.
Meanwhile, the IPO's final retail and institutional prices were confirmed at RM1.08 per share following the completion of the institutional bookbuilding process, unchanged from the retail offer price announced on Oct 29.
As the final retail price matches the initial offer price, no refunds will be required for successful retail applicants.
The 120 million shares allocated to eligible persons were also fully subscribed following the relevant clawback and reallocation provisions.
Similarly, the 1.61 billion shares offered to Malaysian and foreign institutional and selected investors under the institutional offering were fully subscribed.
A total of 19 cornerstone investors subscribed for 41.2% of the institutional offering, according to the statement.
Big Caring, which is slated to list on the Main Market on Nov 19, is set to become Malaysia’s second-largest IPO of the year by funds raised, after Sunway Healthcare Holdings Bhd's (KL:SUNMED) RM2.86 billion listing in March.
The IPO is expected to raise RM2.03 billion, of which RM637.8 million will go to Big Caring from the issuance of new shares.
Based on an enlarged share base of 7.38 billion shares and an IPO price of RM1.08, the group is expected to debut with a market capitalisation of RM7.97 billion.
Notices of allotment will be mailed to successful applicants by Nov 18.
Maybank Investment Bank Bhd and RHB Investment Bank Bhd are joint principal advisers, joint global coordinators, joint bookrunners, joint managing underwriters and joint underwriters for the IPO.
AmInvestment Bank Bhd is also a joint principal adviser, joint global coordinator, joint bookrunner and joint underwriter. UBS Securities Malaysia Sdn Bhd and UBS AG, Singapore Branch are joint global coordinators and joint bookrunners.