DXN IPO

DXN’s IPO oversubscribed by 3.2 times

MALAYSIA-BASED DXN Holdings Bhd’s IPO, involving the issuance of up to 932.68 million IPO shares in two parts, has been oversubscribed by 3.2 times by the Malaysian public. 

DXN received a total of 12,146 applications for 420.12 million issue shares from the Malaysian public for the 100 million issue shares made available for application, representing an overall oversubscription rate of 3.2 times. 

For the Bumiputera portion, a total of 4,765 applications for 92.93 million issue shares were received, representing an oversubscription rate of 0.86 times. 

For the non-Bumiputera portion, a total of 7,381 applications for 327.19 million issue shares were received, representing an oversubscription rate of 5.54 times. 

The 60 million issue shares made available for application by the directors of DXN, eligible employees of the group and persons who have contributed to the success of the group were fully subscribed. 

For the institutional offering, the joint book-runners confirmed that the 772.68 million offer shares offered to Malaysian and foreign institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), were fully subscribed. The institutional price has been fixed at 70 sen per offer share. 

DXN plans to raise RM121.6 million from its IPO by issuing 160 million new shares at an issue price of 70 sen per share. Majority of the funds raised (65.8%) will be used for repaying bank borrowings, followed by working capital (14.4%) and listing expenses (19.8%). 

DXN is a company engaged in sales of health-oriented and wellness consumer products. It was previously listed on the Main Market in 2003 and was delisted in 2011 after being privatised by its founder Datuk Dr Lim Siow Jin. 

Maybank Investment Bank Bhd and CIMB Investment Bank Bhd are the principal advisers and joint global coordinators, joint book-runners, joint managing underwriters and joint underwriters for DXN’s IPO. RHB Investment Bank Bhd and CLSA Ltd, together with CLSA Securities (M) Sdn Bhd, are also joint book-runners and joint underwriters, while the latter two are joint global coordinators for the IPO. — TMR 

SOURCE: 

https://themalaysianreserve.com/

Monday, May 15th, 2023 at Markets | News