KUALA LUMPUR: Daythree Digital Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 129.20 times.
In a statement, the technology-driven global business services (GBS) provider said a total of 24,053 applications seeking 3.12 billion new shares worth RM937.46 million were received from the public for 24.00 million new shares that were made available for public subscription.
"The subscription amount received reaffirms our position as an innovative and promising player in the GBS industry.
"We believe this significant interest reflects the market’s recognition of our strong business fundamentals, growth potential, and the value we aim to deliver to our stakeholders,” said managing director Raymond Davadass.
Daythree Digital said the Bumiputera public portion of shares was oversubscribed by 112.82 times after 13,004 applications for 1.37 billion new shares were received.
For the remaining public portion, a total of 11,049 applications for 1.76 billion new shares were received, which represents an oversubscription rate of 145.59 times, it said.
Meanwhile, 12.00 million new shares for its eligible directors and employees of Daythree Digital Group under Pink Form Allocations have also been fully subscribed.
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Additionally, 86.40 million shares which were made available for application by way of private placement to selected investors have been fully placed out.
On proceeds, Davadass said it would be utilised to strengthen Daythree Digital’s position in the GBS industry as more businesses move towards digitisation and outsourcing to GBS providers.
"Part of our IPO will be used to recruit industry experts and set up a larger digital transformation team whose role is to continuously enhance our in-house developed digital tools to capture growth opportunities,” he added.
Daythree Digital’s listing on the ACE Market of Bursa Securities is tentatively scheduled on July 26, 2023. - Bernama