Haily Group Bhd's initial public offering (IPO) price to be listed on the Main Market of Bursa Malaysia amounting to 8.92 million has recorded a subscription surplus of 38.81 times.
In a statement yesterday, the company said a total of 13,367 applications for 355 million new publicly issued shares worth RM241.47 million had been received from the public.
For the Bumiputera division, the company's IPO recorded an oversubscription of 29.69 times with a total of 6,185 applications for 138.11 million issued shares received while the public division recorded an oversubscription of 48.09 times with a total of 7,182 applications for 216.98 million issued shares received.
Meanwhile, a total of 10 million new publicly issued shares for application by eligible group directors and employees and those who have contributed to the group’s success have also been fully subscribed.
Haily Executive Director See Tin Hai said the group believes that the construction industry will show signs of recovery by the second half of 2021 supported by the country’s ongoing national immunization program.
"Therefore, we expect more development to be revived by real estate companies that will provide more supply opportunities to the construction sector, especially in the Johor region where Haily operates."
"But before that, let's expect another important milestone which is Haily's official listing on the ACE Market of Bursa Malaysia Securities on July 21," said Tin Hai.
