Nova Wellness IPO oversubscribed 2.8 times

PETALING JAYA: Nova Wellness Group Bhd's public offer of 16 million new shares for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd to was oversubscribed by 2.84 times.

Nova, which is involved in the nutraceutical industry in Malaysia, received 2,200 applications for 61.36 million new shares from the public.

Nova said the 50.66 million shares available for application by way of private placement to identified investors have been fully placed out, while the 15 million shares available for eligible persons have been fully subscribed.

Nova is targeting to raise RM44.91 million from its proposed listing.

The company is involved in the development, production and sales of nutraceutical and skincare products under its house brands. It has a wide range of products comprising 49 dietary supplements, 11 functional food products and 28 skincare products.

Nova's IPO involves a total offering of up to 81.66 million new shares, of which 16 million shares available for the Malaysian public; 15 million shares for eligible directors, employees and business associates; and 50.66 million shares by way of private placement to identified investors.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.