PETALING JAYA: The public portion of Wellspire Holdings Bhd’s initial public offering (IPO) was oversubscribed 11.24 times.
In a statement, the company said it had received a total of 7,727 applications for 440.668 million publicly issued shares valued at RM101.353 million.
Wellspire, a snack food distributor in Thailand, is scheduled to list on the ACE market on January 16, 2023. Based on its increased issued share capital of 712.13 million shares and an IPO price of 23 Sens per share, Wellspire will have a market capitalization of RM163.79 million at listing. The Company expects to raise RM28.66 million from its listing exercise.
Approximately RM16 million of the proceeds would be used to purchase or build a warehouse and facility in Thailand and RM5.96 million for working capital.
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