99 Speed Mart Retail Holdings Bhd’s initial public offering (IPO) was met with strong demand, achieving an oversubscription rate of 3.04 times.

The company received 49,354 applications for a total of 678.58 million IPO shares.

The Bumiputera portion was slightly oversubscribed by 0.54 times, while the non-Bumiputera portion saw a significant oversubscription rate of 6.54 times.

All 42 million IPO shares allocated to eligible applicants were fully subscribed.

The final retail and institutional price was set at RM1.65 per share, with no refunds for successful applicants.

The institutional offering, involving 1.21 billion shares, was fully placed out. 99 Speed Mart is set to list on the Main Market of Bursa Malaysia on September 9, 2024. — TMR