KEB IPO reaches full subscription before November 16 listing
The offering comprises 226.78 million shares, with proceeds earmarked for land purchases, project funding, debt repayment and listing costs.
KEB Bhd said its initial public offering (IPO) had reached full subscription ahead of its scheduled November 16 debut on the ACE Market. The property developer received applications from 2,126 Malaysian public investors covering 44.47 million shares.
The IPO includes 138.54 million newly issued shares and 88.24 million existing shares offered for sale, bringing the offering to 226.78 million shares.
For the Bumiputera allocation, KEB received 1,071 applications covering 27.31 million shares. The remaining Malaysian public category drew 1,055 applications for 17.16 million shares.
KEB said the funds raised would go towards acquiring land for development, working capital for property projects, repaying bank borrowings and meeting listing expenses.
The company has completed 14 property development projects. It has four developments under way with an estimated combined gross development value (GDV) of about RM1.36 billion, as well as two future projects with an estimated combined GDV of RM382.73 million.
