Revenue Group IPO receives good response

Revenue Group Bhd’s initial public offering (IPO) shares were oversubscribed 11.22 times, the ACE Market-bound company noted in an exchange filing yesterday.

Scheduled to be listed on July 18, 2018, the cashless payment solutions provider saw a total of 3,699 applications for 136.21 million new shares with a value of RM50.4 million received from the public for 11.14 million shares available.

Its Bumiputera portion got 1,329 applications for 33.78 million new shares at an over-subscription rate of 5.06 times.

The 102.43 million new shares under the public portion received 2,370 application, or an oversubscription of 17.39 times, while all 11.14 shares for directors and employees were fully subscribed, the exchange filing noted.

Revenue Group said 33.43 million shares for private placement to investors and 16.71 million offer shares by way of placement to selected investors were fully placed out.

The company will issue each share at 37 sen a piece and it seeks to raise RM20.61 million from the listing exercise. — TMR