Cropmate Berhad announced that its Initial Public Offering (IPO) for the Malaysian public has been oversubscribed by 84.88 times. The IPO of 260.00 million ordinary shares consists of a Public Issue of 210.00 million new ordinary shares and an Offer for Sale of 50.00 million shares.
The Group received a total of 21,392 applications for 3,169,052,100 Issue Shares with a value of approximately RM633.81 million were received from the Malaysian public, which represents an overall oversubscription rate of 84.88 times.
Managing Director of Cropmate Berhad, Mr. Lee Chin Yok, expressed, "The robust response to our IPO reflects the trust that investors have placed in Cropmate's business and strategic direction. We are grateful for this overwhelming support and excited to move forward with our plans to enhance our operations and customer service capability to meet the growing demand for our fertilisers."
Hong Leong Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Bookrunner.
Cropmate Berhad is scheduled to make its debut on the ACE Market of Bursa Securities on 5 December 2024.
