Vanzo Holdings Bhd's IPO for the ACE Market has recorded an oversubscription rate of 66.71 times for the 23.34 million shares allocated to the Malaysian public.
The company, which markets car fragrance and indoor fragrance products, said it received a total of 16,713 applications for 1.58 billion shares with a value of RM237 million from the Malaysian public.
The company said its total IPO involves the issuance of 93.35 million shares where 23.37 million shares were made available for eligible directors, employees and persons who have contributed to the group's success.
The company said the proceeds from the sale of new shares will also go towards partial repayment of bank borrowings and working capital to buy additional inventories for the planned expansion. The rest will be used to defray listing expenses.
M&A Securities Sdn Bhd is the principal advisor, sponsor, underwriter and placement agent for this IPO. Eco Asia Capital Advisory Sdn Bhd is the financial advisor.