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KUALA LUMPUR (Oct 7): ACE Market-bound Samaiden Corp Bhd saw the public portion of its initial public offering (IPO) oversubscribed by 56.52 times,

In a statement, the group said it received 15,857 applications for 603.95 million shares worth RM289.9 million for the 10.5 million shares earmarked for the Malaysian public.  

The Bumiputera allocation was oversubscribed by 47.13 times after 8,735 applications for 252.69 million shares were received.  

As for the public portion, 7,122 applications for 351.26 million shares were received, representing an oversubscription rate of 65.91 times.
All 6.3 million shares issued to Samaiden’s eligible directors and employees were fully subscribed, while the 44.36 million shares placed out to selected and Bumiputera investors by the Ministry of International Trade and Industry have also been fully placed out.  

“The notices of allotment will be despatched to all successful applicants on or before Oct 14,” the group said.

Samaiden’s IPO consists of 61.16 million new shares issued at 48 sen apiece, which will raise RM29.35 million. The shares are slated to be listed on Bursa Malaysia on Oct 15.

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