The IPO ballot result for MKH Oil Palm has been released; it was oversubscribed by 8.4 times.

The company issued 220,000,000 new ordinary shares at RM 0.62, with 51,209,800 units allocated to the Malaysian public and 168,790,200 units to selected investors through private placement. This issuance represents 21.5% of its enlarged share capital, resulting in IPO proceeds totaling RM136.4 million.

Furthermore, there was an offer for sale of 30,707,700 existing shares, which also represents 3.0% of the enlarged shares for selected investors through private placement.

MKH OP announced that a total of 9,510 applications for 482,881,500 issue shares, valued at RM299,386,530.00, were received from the Malaysian public, representing an overall oversubscription rate of 8.43 times. For the Bumiputera portion, a total of 4,628 applications for 220,242,400 issue shares were received, representing an oversubscription rate of 7.60 times. For the public portion, a total of 4,882 applications for 262,639,100 issue shares were received, representing an oversubscription rate of 9.26 times.

Based on recent IPOs on the main market, the Keyfield IPO was oversubscribed by 9.69 times, and its stock price soared by 100% at the opening. Similarly, the MKHOP IPO, also listed on the main board, was oversubscribed by 8.4 times.

Could MKHOP become another stock to double in value? We'll find out on April 30, 2024!

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