PETALING JAYA: Malacca-based property developer Teladan Setia Group Bhd’s offer of 40.27 million new shares to the public at 48 sen per share has been oversubscribed by 17.47 times.
The group’s listing exercise on the ACE Market of Bursa Malaysia Securities Bhd entails the issuance of 161.06 million new shares, raising RM77.3 million in IPO proceeds. It received a total of 18,396 applications for 743.77 million shares.
The bumiputra portion has been oversubscribed by 13.22 times, while the remaining public portion has been oversubscribed by 21.72 times.
Teladan Setia is a property developer with a diversified portfolio of developments comprising landed, low-rise and high-rise residential properties, as well as landed shop houses, offices, and retail shops. Since the group’s establishment in 1997, Teladan Setia has completed property projects with a total gross development value of RM2.1 billion.
The 10.47 million shares for eligible directors, employees have been fully subscribed. The private placement of 29.80 million shares available to selected investors as well as 80.53 million shares available to bumiputra investors approved by the Ministry of International Trade and Industry have also been fully subscribed. The offer for sale of 40.8 million existing shares have all been fully placed out.
Teladan Setia managing director Richard Teo Lay Ban said it is delighted with the strong response by the public as well as the market confidence towards its business and the journey it is headed.
“We are optimistic that we will continue to strive in the property development market, as we have done so in the past 24 years. With the proceeds raised, we will be expanding our landbank in Malacca to capitalise on the attractive land prices today. We believe this is an opportune time for us to expand our footprint and further solidify our market position as one of the top property developers in Malacca.”
Teladan Setia is slated to be listed on the ACE Market of Bursa Securities on March 16, 2021.
