Leon Fuat IPO - Oversubscription rate of 23.32 times

Leon Fuat Berhad (shortcode: LEONFB) Public Issue Shares has been oversubscribed by Malaysian public and balloting of successful applications was conducted this afternoon, according to Bursa Malaysia.

Below are the details of the shares allotment:

Total Public Issue Shares: 377,034,500

Total Public Subscription Shares: 15,500,000

Total applications: 14,132 (oversubscribed 23.32 times)

Leon Fuat IPO

According to the company's website, Leon Huat Berhad is primarily in the business of trading and processing of steel products, specialising in rolled long and flat products.

Initial public offering in conjunction with the listing on the main market of bursa malaysia securities berhad comprising:

(i) Public issue of 59,310,000 new ordinary shares (approximately 19.13% of enlarged issued and paid-up share capital) of RM0.50 each (“shares”) in the following manner:
• 15,500,000 new shares available for application by the public;
• 10,000,000 new shares available for application by our eligible directors, employees and persons who have contributed to the success of our group;
• 33,810,000 new shares by way of placement to selected investors;
and

(ii) Offer for sale of up to 31,000,000 existing shares (~10%) by way of placement to bumiputera investors approved by the ministry of international trade and industry, at an issue/offer price of RM0.60 per share, payable in full upon application.