PETALING JAYA: Senheng New Retail Bhd’s public portion of its initial public offering (IPO) was oversubscribed by 10.4 times.

       Senheng received 16,548 applications for 343.2 million shares valued at RM367.3mil, for the public portion comprising 30 million shares.

       The leading consumer electrical and electronics or E&E retailer is due to list on the Main Market on Jan 25, 2022, and is slated to be the first Main Market listing for the year.

       The group has a targeted dividend payout of at least 30% of net profit. It recorded a 21.2% jump in net profit to RM34.1mil for the nine months ended Sept 30, 2021 compared to RM28.1mil in the previous corresponding period.

       Senheng executive chairman Lim Kim Heng said, “The oversubscription indicates the public’s confidence over our 30-year track record of building one of Malaysia’s best and most progressive retail brands, and our growth strategies that will transform the way consumers shop.”

       “Going forward, we are expanding our nationwide store network, enhancing in-store and online shopping experiences, as well as bringing a wider range of quality products to our customers. We are also upgrading our digital infrastructure and logistics capabilities to enhance our seamless retail experience in the digital era.”

       Mercury Securities Sdn Bhd is the principal adviser, managing underwriter, joint underwriter and joint bookrunner for the IPO exercise, while CIMB Investment Bank Bhd and AmInvestment Bank Bhd are the joint bookrunners and joint underwriters.