New IPO – Homeritz is oversubscribed
Filed Under (Business News) by Webmaster on 10-02-2010
Tagged Under : Homeritz, IPO
Homeritz Corp Bhd’s public issue and offer for sale of 15 million shares for application by the Malaysian public has been oversubsribed by 19%.
In a statement yesterday, the home furniture maker said it received 1,392 applications for 17.9 million shares valued at RM11.6 million for the 15 million public tranche.
“The positive public support for our initial public offering (IPO) is commendable in light of volative market sentiment in the region and other IPOs on Bursa Malaysia.
»We’re pleased to not only be the first IPO of the year, but also the first upholstered home furniture player to be listed here« HOMERITZ EXECUTIVE DIRECTOR TEE HWEE ING
“This favourable subscription rate indicates as much investors’ appreciation of our fundamentals as their confidence in the group’s prospects,” said Homeritz executive director Tee Hwee Ing in the statement.
The IPO comprised a public issue of nine million new ordinary shares and an offer-for-sale of 35.02 million vendor shares of 20 sen each at 65 sen apiece.
Of the nine million public issue, eight million were for application by the Malaysian public and one million for eligible directors, employees and business associates of the group.
The 35.02 million shares under the offer-for-sale, 20 million were allocated for bumiputra investors approved by the International Trade and Industry Ministry, 8.02 million for private placement to selected investors and seven million for application by the Malaysian public.
Homeritz is slated to list on Bursa Malaysia’s main market on Feb 19.
“We’re pleased to not only be the first IPO of the year, but also the first upholstered home furniture player to be listed here.
“This vote of confidence certainly spurs us on to continue our business expansion overseas, and demonstrate to the international community that products designed and made in Malaysia are indeed at par with global quality,” Tee said.
Founded in 1997, Homeritz exports 99% of its products to 40 countries, with Europe and Australasia contributing 60% and 26% of its 2009 group revenue respectively.
