PETALING JAYA: Daythree Digital Bhd shares offered to the public under its initial public offering (IPO) have been oversubscribed by 129.2 times.
The ACE Market-bound technology-driven global business services (GBS) provider said 24,053 applications for 3.12 billion new shares were received for the 24 million new shares offered to the public under the exercise.
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“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.
He said the money raised will be utilised to strengthen its position in the industry as more businesses move towards digitalisation and outsourcing to GBS providers.
“Part of our IPO proceeds 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 said in a statement.
Daythree’s listing involves the issuance of 110.4 million new shares at 30 sen each for sale to the public, management and workers as well as by way of private placement.
A total of 12 million shares were offered by way of an offer for sale by existing shareholders.
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According to a filing with Bursa Malaysia, the bumiputra portion was oversubscribed by 112.82 times with a total of 13,004 applicants while the remaining public portion had an oversubscription rate of 145.59 times.
The 12 million new shares made available to Daythree’s eligible directors and employees were fully subscribed. The shares offered through placement were also successfully sold.
Based on the enlarged share capital of 480 million shares, Daythree is expected to have a market capitalisation of RM144mil upon its listing on July 26.