Tri-Mode System's IPO oversubscribed 3.74 times

PETALING JAYA: Tri-Mode System (M) Bhd's public offer of 8.3 million new shares for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd was oversubscribed by 3.74 times.
The freight and logistics services firm received 1,252 applications for 39.33 million shares from the public.
The Bumiputera category also saw an oversubscription rate of 2.21 times.
Tri-Mode System is looking to raise RM26.36 million through IPO at an issue price of 61 sen per share. It is scheduled to be listed on May 11.
Its IPO involves a public issue of 43.21 million new shares comprising an institutional offering of 30.71 million shares and a retail offering of 12.5 million shares.
TA Securities Holdings Bhd is the principal adviser, sponsor, managing underwriter, joint underwriter and placement agent. The financial adviser is ZJ Advisory Sdn Bhd and the joint underwriter is Kenanga Investment Bank Bhd.