KUALA LUMPUR: Farm Fresh Bhd, the dairy farm operator which is slated for a listing on Bursa Malaysia's Main Market on March 22, announced that its initial public offering (IPO) has been oversubscribed.

       In a filing to Bursa Malaysia, Tricor Investor and Issuing House Services Sdn Bhd said the IPO involved the issuance of 743.18 million shares, comprising of an institutional offering of 687.44 million shares to Malaysian and foreign institutional and selected investors, including Bumiputera investors, as well as 55.74 million shares to directors of the company and its subsidiaries plus eligible employees.

       It said after securing a record 30 cornerstone investors, which subscribed for 79.6 per cent of the institutional offering size, "the institutional offering, including allotment, has received an overwhelming demand of RM5.2 billion from domestic and global investors at the close of bookbuilding.”

       For the retail offering, it said applications for a total of 752.12 million issue shares with a value of RM1.02 billion were received from the Malaysian public and eligible persons.

       The institutional price has been fixed at RM1.35 per IPO share, hence accordingly the final retail price for the retail offering has also been fixed at RM1.35 per issue share.

       "As the final retail price equals the retail price of RM1.35 per issue share, there will be no refund to be made to the successful applicants under the retail offering,” it said.

       Notices of allotment will be dispatched to successful applicants on or before March 18, 2022. - Bernama