Strong Investors’ Response Demonstrates Confidence in Malaysia’s Electronic Reload and Bill Payment Industry
KUALA LUMPUR, 4 FEBRUARY 2025 – RichTech Digital Berhad (“RichTech” or the “Company”), a company involves in the distribution of electronic reloads and provision of bill payment services in Malaysia, is pleased to announce that the share allocation to the Malaysian public from its Initial Public Offering (“IPO”) has been oversubscribed by 245.42 times, reflecting robust investor confidence in the Company’s prospects and the growing electronic reload and bill payment industry.
RichTech’s IPO involves a public issue of 54.66 million new shares (“Issue Shares”) and an offer for sale of 25.31 million existing shares (“Offer Shares”). The IPO shares were allocated as follows:
The allocation of Issue Shares will be offered in the following manner: -
1. Shares for the Malaysian Public via Balloting:
· 10.12 million Issue Shares, equally distributed between Bumiputera and non-Bumiputera investors (5.00% of the enlarged issued share capital).
2. Allocation to Eligible Directors and Employees:
· 1.55 million Issue Shares (0.77% of the enlarged issued share capital).
3. Private Placement to Selected Investors:
· 42.99 million Issue Shares (21.23% of the enlarged issued share capital).
4. Offer for Sale via Private Placement to Selected Investors:
· 25.31 million Offer Shars (12.50% of the enlarged issued share capital).
A total of 24,237 applications for 2,494,534,300 Issue Shares with a value of RM623.63 million were received from the Malaysian public, representing an overall oversubscription rate of 245.42 times. Of this, a total of 12,601 applications for 1,060,713,600 Issue Shares were received for the Bumiputera portion, representing an oversubscription rate of 208.57 times. For the remaining Malaysian public portion, a total of 11,636 applications for 1,433,820,700 Issue Shares were received, representing an oversubscription rate of 282.28 times.
The 1.55 million Issue Shares allocated to eligible directors and employees, as well as the 42.99 million Issue Shares and 25.31 million Offer Shares offered through private placement, were fully subscribed.
Mr. Lee Teik Keong, Managing Director of RichTech, stated, We are deeply grateful for the remarkable response to our IPO. The strong demand demonstrates confidence in RichTech’s mission to drive digital transformation in Malaysia’s digital economy landscape. The funds raised will enable us to scale up our proprietary SRS platform, grow our market presence, and introduce innovative solutions to meet evolving consumer needs.”
RichTech Digital Berhad is slated to debut on the ACE Market of Bursa Malaysia Securities Berhad on 17 February 2025.
KAF Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent.
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