Reach Ten IPO oversubscribed 1.85 times ahead of May 2 debut
KUALA LUMPUR: Reach Ten Holdings Bhd's initial public offering (IPO) shares have been oversubscribed by 1.85 times ahead of its listing on the Main Market of Bursa Malaysia next month.
The Sarawak-based telecommunications service provider received 2,706 applications for 142.65 million new shares from the Malaysian public, over the 50 million new shares made available for public subscription.
The company also received 945 applications for 52.79 million shares, representing an oversubscription of 1.11 times for the Bumiputera portion, while non-Bumiputera portion saw an oversubscription rate of 2.59 times or 1,761 applications for 89.86 million new shares.
Meanwhile, shares allocated to eligible persons were fully subscribed, while those offered via private placement were fully placed out.
Reach Ten managing director Leo Chin said the company is on track to expand its telecommunications infrastructure in Sarawak with the IPO funds in place.
"The proceeds will enable us to further accelerate our expansion plans to establish and expand our fibre optic communication networks infrastructure as well as to construct an additional 100 4G or 5G telecommunication towers in Sarawak to support the state government initiatives to widen internet coverage and connectivity to rural areas," he said.
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