KUALA LUMPUR: KEB Bhd’s initial public offering (IPO) has been fully subscribed ahead of its listing on the ACE Market on Nov 16.
KEB’s IPO comprises 226.78 million shares, consisting of a public issue of 138.54 million new shares and an offer for sale of 88.24 million existing shares.
The company said it received 2,126 applications for 44.47 million shares from the Malaysian public, and these were fully subscribed.
A total of 1,071 applications for 27.31 million shares for the Bumiputera portion, while it received 1,055 applications for 17.16 million shares for the other Malaysian public portion.
Managing director Datuk Lim Kim Chong said the response reflects investor confidence in KEB’s business fundamentals, track record and future prospects.
“This support is meaningful to us as we prepare for our ACE Market debut and embark on the next phase of our growth journey.
“With our ongoing developments, future pipeline and landbank, we believe KEB is well positioned to continue building on the foundation we have established over the past two decades,” he said in a statement.
KEB has completed 14 property development projects to date.
Its current pipeline comprises four ongoing developments with an estimated total gross development value (GDV) of about RM1.36 billion, alongside two future projects with an estimated total GDV of RM382.73 million.
Proceeds raised will be utilised for landbank acquisition for development, working capital for project development, repayment of bank borrowings, and defraying listing expenses.