Infomina’s IPO oversubscribed by 21.39 times

INFOMINA Bhd, which is slated for a listing on the ACE Market of Bursa Malaysia on Nov 25, said its IPO has been oversubscribed by 21.39 times.

In a statement with Bursa Malaysia today, Tricor Investor & Issuing House Services Sdn Bhd, on behalf of Infomina, said a total of 5,779 applications for 236.75 million new shares were received for the Bumiputera portion, representing an oversubscription rate of 14.75 times.

For the public portion, it said that a total of 5,484 applications for 436.48 million new shares were received, representing an oversubscription rate of 28.04 times.

Meanwhile, 6.01 million new shares made available for application by the eligible directors and employees of the group have also been fully subscribed, it noted.

“The placement agent has confirmed that the 126.26 million shares made available for application by way of private placement have been fully placed out,” it said.

The notices of allotment will be posted to all successful applicants on or before Nov 23, 2022.

M&A Securities Sdn Bhd is the principal advisor, sponsor, underwriter and placement agent for Infomina.

Infomina IPO is expected to raise up to RM32.47 million via a public issue of 81.17 million new shares at 40 sen each.

It said RM13.96 million or 43% of the proceeds would be used for working capital and RM7.6 million or 23.4% to strengthen its research and development capabilities.

In addition, RM5.53 million or 17% will be put towards regional expansion while RM0.89 million or 2.7% will be used for branding, marketing and promotional activities. The remaining RM4.5 million or 13.9% will be to defray listing expenses. — TMR/pic source: