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The public portion of the offering saw 2,712 applications for 232.76 million shares, representing an oversubscription rate of 10.64 times. The Bumiputera portion received 2,636 applications for 137.28 million shares, translating into an oversubscription rate of 5.86 times.
In addition to the public offering, SSF also made available another 40 million shares for directors, employees, and contributors to its success – all of which were fully subscribed. The company also fully placed out the 44 million new shares made available by private placement to selected investors and another 100 million new shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
SSF’s IPO comprises issuance of 200 million shares at 25 sen apiece to raise RM50 million ($11.94 million), representing 25% of its enlarged share capital. The IPO also includes an offer for sale of 24 million shares by its shareholders, representing 3% of the enlarged share capital.
Post-IPO, SSF’s largest shareholders will include managing director and CEO Wong Choong Loong with a stake of 48.3%, executive director and deputy CEO Lok Kok Khong with a share of 15%, and executive directors Chin See Kew and Wong Choong Lian holding stakes of 4.4% and 4.3% respectively. M&A Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter, and sole placement agent for the IPO exercise.
The majority of the proceeds from the IPO will be utilized to open 18 retail outlets over the next three years. Of the total proceeds, RM14.2 million ($3.39 million) will be used as capital expenditure, RM21.0 million ($5.01 million) will cover start-up costs for the new retail outlets, while the remaining RM14.8 million ($3.53 million) will be allocated towards repayment of bank borrowings, marketing activities, general working capital and to defray listing expenses.
SSF’s shares are set to be listed on the ACE Market on October 12.
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