PETALING JAYA: MKH Oil Palm (East Kalimantan) Bhd’s (MKHOP) initial public offering (IPO) has been oversubscribed by 8.4 times ahead of its listing on the Main Market of Bursa Malaysia.

       The group’s IPO involves the issuance of 220 million new ordinary shares in MKHOP at an issue price of 62 sen per share. This represents 21.5% of its enlarged share capital, resulting in IPO proceeds totalling RM136.4mil.