Ramssol’s public issue heavily oversubscribed

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KUALA LUMPUR: Human resources solutions provider Ramssol Group Bhd’s offer of 11.20 million new shares at 45 sen each to the public was oversubscribed by 102.88 times under its initial public offer (IPO).

Tricor Investor & Issuing House Services Sdn Bhd said there were 19, 564 applications for 1.16 billion new shares valued at RM523.54mil from the Malaysian public.

For the Bumiputera portion, there were 7, 561 applications for 399.78 million new shares which was an oversubscription rate of 70.39 times.

“For the public portion, a total of 12, 003 applications for 763.64 million new shares were received, which represents an oversubscription rate of 135.37 times, ” it said.

Under its floatation exercise, there was a public issue of 55.76 million new shares of which 11.20 million new shares.

Another 5.60 million new shares available for application by the eligible directors, employees and business associates of Ramssol and its subsidiaries were fully subscribed.

It also said 38.96 million new shares made available by way of private placement to selected investors; and there was an offer for sale of 22.30 million existing shares by way of private placement to selected investors. Both tranches were fully subscribed also.

The notices of allotment will be posted to all successful applicants on or before July 9.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.



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