Sedania’s IPO for public tranche oversubscribed 20.3 times

PETALING JAYA: Mobile service enabler, Sedania Innovator Bhd's initial public offering (IPO) for the public tranche has been oversubscribed by 20.3 times.
For the nine million shares of RM3.42 million in value allocated to public investors, Sedania Innovator received 8,103 applications for a total of 191.6 million shares, equivalent to RM72.8 million in value.
"The healthy oversubscription for our IPO is a significantly positive indicator of investors' confidence in Sedania Innovator as a value-accretive investment proposition," its managing director Datuk Azrin Mohd Noor in a statement yesterday.
Sedania Innovator's IPO entailed a public issue of 51.5 million new shares at an issue price of 38 sen per ordinary shares.
Of the 51.5 million new shares, nine million was allocated for public balloting, one million for directors and eligible employees and the remaining 41.5 million for private placement to selected investors.
Sedania Innovator, to be listed in the ACE Market of Bursa Malaysia Securities Bhd on June 29, will be the fourth IPO this year and the second on the ACE market.