KUALA LUMPUR: Main market-bound Prolintas Infra Business Trust's initial public offering (IPO) has been oversubscribed by 3.59 times.
It received 7,211 applications for 126.17 million units, with a total value of RM119.9 million, versus 27.5 million units made available for application by the Malaysian public.
For the Bumiputera portion, a total of 2,881 applications for 32.34 million units were received,representing an oversubscription rate of 1.35 times, while 4,330 applications for 93.83 million units were received under the other Malaysian public portion, representing an oversubscription rate of 5.82 times.
The institutional offering which comprises 422.95 million units were fully subscribed.
Projek Lintasan Kota Holdings Sdn Bhd group chief executive officer Dato' Mohammad Azlan Abdullah said the oversubscription reflected confidence in the company's business model and growth prospects.
"We are deeply humbled by the trust placed in us and remain committed to delivering strong returns and value to our unitholders," he said in a statement.
Prolintas expects to raise RM445.3 million from the IPO of its highway business trust.
Prolintas Infra Business Trust will be listed on the Main Market on March 25.