Khazanah Nasional Bhd gave its support to Farm Fresh Bhd which set the institutional share price and initial offering (IPO) at RM1.35 each in a statement on March 10.
According to Farm Fresh’s statement to Bursa, retail deals close at 5pm on Tuesday (March 8) and they are scheduled for listing on March 22, 2022.
For the record, Fam Fresh's IPO involved the issuance of up to 743.18 million shares comprising an offer for sale of up to 520.23 million existing shares and a public issue of 222.95 million new shares.
At an IPO price of RM1.35 per share, Farm Fresh will have a market capitalization of RM2.51 billion after listing based on an increase in the number of issued shares of the company to 1.86 billion.
The public issue of 222.95 million new shares will raise RM300.98 million for the company's expansion based on an IPO price of RM1.35 per share.
In addition, CIMB Investment Bank Bhd is the lead advisor for the Farm Fresh IPO and Maybank Investment Bank Bhd as the co -global coordinator, co -management underwriter and co -underwriter.
In a separate filing, Farm Fresh stated that after the listing, the company’s shares may be subject to stabilization action by a stabilizer manager comprising Maybank Investment Bank and its affiliates.
According to Farm Fresh, in aggregate 44.59 million shares in the company are subject to over -allocation options and the stabilizer manager may buy the shares to take stabilization action.
Meanwhile, the Farm Fresh website showed that the founder, Loi Tuan Ee enlisted the help of old friend, Azmi Zainal as a business partner and brought in Malaysian national wealth fund Khazanah as an investor in the company to help grow its operations.
