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Malaysia’s CTOS Digital IPO oversubscribed by retailers by 27.6x
July 9, 2021
Malaysia’s CTOS IPO oversubscribed by retailers by 27.6x
July 18, 2021
Published by ctosdgt_admin on July 9, 2021
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CTOS Digital IPO oversubscribed by 27.6 times

Article was originally published by TheStar.com.my

KUALA LUMPUR (Bernama) — Main Market-bound CTOS Digital Bhd’s initial public offering (IPO) has been oversubscribed by 27.6 times.

In a statement today, the group said it received 51,494 applications for 1.26 billion shares with a total value of RM1.38 billion, out of the 44 million shares made available for application.

The Bumiputera portion was 14.37 times oversubscribed, with a total of 14,192 applications for 338.1 million issued shares received.

The public portion was oversubscribed by 40.77 times, with a total of 37,302 applications for 918.9 million issued shares received.

“The institutional offering of 936 million IPO shares, comprising 900 million offer shares and 36 million issued shares offered to Malaysian and foreign institutional and selected investors, have been fully subscribed.

“A total of 23 cornerstone investors subscribed to 54.4 per cent of the institutional offering and the remaining shares available for bookbuilding saw an overwhelming demand of over RM6.5 billion,” said the credit reporting agency.

Group chief executive officer Dennis Martin said the strong oversubscription in both the retail and institutional offerings showcases the investing community’s confidence in its track record and strong growth trajectory.

“Our ambition is to build a comprehensive credit reporting ecosystem in the region; the response from the investing public, both institutional and retail, reflects their confidence in our ability to realise these ambitions,” he said.

CTOS Digital is slated to list on the Main Market of Bursa Malaysia on July 19, 2021 at an IPO price of RM1.10 per share with a market capitalisation of RM2.4 billion.

The IPO exercise entails the public issue of 200 million new shares and an offer-for-sale allocation of 900 million existing shares.

“Out of the RM220 million new IPO proceeds, RM155.2 million will be used for the repayment of all bank borrowings to free up debt headroom, while RM59 million will be earmarked for investment and acquisition of target companies.

“The remaining RM6.1 million will be utilised to defray listing fees and expenses,” it said.

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